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Apple Announces Largest-Ever $110 Billion Share Buyback As iPhone Sales Drop

Apple reported fiscal second-quarter earnings that topped estimates, despite a 10% drop in iPhone sales. The company also announced that its board had authorized $110 billion in share repurchases, "a 22% increase over last year's $90 billion authorization," notes CNBC. "It's the largest buyback in h...

On an earnings call with analysts, Apple finance chief Luca Maestri said the company expected the current quarter will deliver double-digit year-over-year percentage growth in iPad sales. What's more, he said the Services division is forecast to continue growing at about the current high rate it's achieved during the past two quarters. Apple said iPhone sales fell nearly 10% to $45.96 billion, suggesting weak demand for the current generation of smartphones, which were released in September.

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