Apple Tops Estimates, But Issues No Guidance - Shares Fall After Hours

Apple also boosted its dividend to existing shareholders and its stock buyback program by $50 billion.
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Apple shares fell in after-hours trading on Thursday after it posted its March quarter results, the first that overlapped with the coronavirus pandemic. 

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The iPhone giant reported better-than-expected total sales, at $58.3 billion, up 1% annually, versus a FactSet consensus of $54.78 billion. Its quarterly earnings of $2.55 also topped a $2.29 consensus.

Apple  (AAPL) - Get Report shares were overall down about 1.5% in the minutes following the report. 

"Despite COVID-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables,” said Tim Cook, Apple’s CEO, in a press release

Apple did not provide fiscal guidance for the current quarter. 

For the March quarter, its fiscal second quarter, iPhone revenue was $28.96 billion; wearables, home and accessories accounted for $6.28 billion, and its services brought in $13.35 billion. 

Apple also announced a cash dividend of $0.82 per share, an increase of 6 percent, as well as an increase of $50 billion to Apple's existing stock buyback program.

Pre-coronavirus, Apple originally guided for revenue between $63 billion to $67 billion for the March quarter, but pulled that guidance in February as the pandemic spread in China, where the majority of Apple's supply chain is based. 

Since then, the health crisis has also dampened global demand for a wide range of consumer goods, Apple devices included. Most of Apple's retail stores outside of China have been closed since mid-March. 

Apple shares have fallen about 2% year to date and closed trading on Thursday at $293.80 per share.

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