Apple plans to raise $100 billion in cash back

Tinuku - Apple Inc. on Tuesday outperformed earnings expectations in the March quarter as it sold 52.2 million iPhones near its Wall Street target and showed resilience as global demand for smartphones waned. The company also forecast a revenue range of US$51.5 billion to US$53.5 billion for the June quarter.

Apple increased its US$100 billion payback program with repurchases and said it bought back US$23.5 billion in shares in the March quarter as a sign of hundreds of billions of cash dollars back into the United States. Stock buybacks in the March quarter pushed Apple's net profit down slightly to US$145 billion.

Tinuku Apple plans to raise $100 billion in cash back

"We return the cash to investors as we promised," CFO Luca Maestri told Reuters in an interview.

IPhone sales have disappointed many observers. Investors have been eyeing Apple in recent weeks as a series of bad forecasts from the smartphone supply chain suggesting demand may be lower than previously thought.

Apple posted revenues for the March quarter of US$61.1 billion and up from US$52.9 billion last year. Wall Street estimates US$60.8 billion. The company sold 52.2 million iPhone versus expectations of 52.3 million and up from 50.7 million last year.

The average selling price for the iPhone was US$728 compared to Wall Street's expectations of US$742. Business services include Apple Music, App Store and iCloud, posting revenues of US$9.1 billion compared to expectations of US$8.3 billion.

Apple has traditionally updated its share and dividend repurchase program each spring and US$100 billion it added this year compared to a US$50 billion increase last year. The company also increased its quarterly dividend by 16 percent compared with a 10.5 percent increase last year.