NEW YORK -- Apple (AAPL - Get Report), the iPhone, iPad and iPod maker, said Tuesday it would buy back an additional $50 billion in stock, raising its total outlay for share repurchases to more than $60 billion.
Apple also raised its quarterly dividend to $3.05 a share, an increase of 15% over its previous level.
Apple reported second-quarter earnings of $10.09 a share on revenue of $43.6 billion as iPad sales rose 65% year over year to 19.5 million units a year. The company sold 37.4 million iPhones in the quarter compared to 35.1 million in the year-earlier quarter. Apple also sold just under 4 million Macs, compared to 4 million in the year-earlier quarter.
Analysts expected the tech giant to earn $10.01 a share on $42.31 billion in revenue.For the fiscal third quarter, Apple said it expects revenue will be between $33.5 billion and $35.5 billion, with gross margins between 36% and 37%. Apple Adds $50 Billion to Share Buybacks as Earnings Meet Expectations
AT&T (T - Get Report) posted first-quarter revenue that missed Wall Street estimates. The telecom giant reported sales of $31.4 billion, down 1.5% from the prior year's quarter. Analysts were looking for revenue of $31.75 billion. Excluding items, AT&T earned 64 cents a share, up from 59 cents a share in the prior year's quarter and in line with Wall Street's forecast. The Apple (AAPL - Get Report) iPhone partner sold 6 million smartphones -- a first-quarter record. AT&T added 1.2 million postpaid smartphone subscribers during the quarter. The company said that 72% of its postpaid phone subscribers had smartphones, up from 61% in the year ago quarter. AT&T's total wireless revenue was $16.7 billion, an increase of 3.4% on the prior year's quarter. The Dallas-based firm posted a net increase of 291,000 total wireless subscribers during the quarter. AT&T Shares Slip on Revenue Miss
Ford (F - Get Report) is expected by Wall Street on Tuesday to post first-quarter earnings of 38 cents a share share on revenue of $33.83 billion. Ford has been getting a boost from demand for new vehicles and pickup trucks in the U.S. Its market share in the first quarter rose to 16.2% from 15.5% a year earlier. Sales are also gaining in China.