Apple Reveals Record $110 Billion Share Buyback Plan, Says Report

Apple reportedly surpassed expectations with its recent quarterly results which drove the share price of the tech giant by 6 per cent. The iPhone maker also announced its largest-ever share buyback program at $110 billion and raised its cash dividend by 4 per cent.

While the revenue figures witnessed a decline, the fall was less than what analysts had expected, according to a report by Reuters. Apple's CEO Tim Cook stated that the growth in figures would come back in the upcoming quarter.

The stark rise in its share price led to an increase in the company's stock market value by nearly $160 billion. In the latest quarterly report, Apple recorded a revenue of $90.8 billion, down by nearly 4 per cent. For the current quarter in June, Cook reportedly stated that the company expects a "to grow low-single digits" in overall revenue figures. 

The iPhone sales figures decline to 45.96 billion, down by 10.5 per cent. In February month, the company executive stated that the optimism in the figures recorded last year was largely because of the company's efforts to overcome supply chain disruptions. 

However, on the regulatory side, a new law in Europe is putting pressure on Apple's services business, including its App Store. The services business was a key source of growth in the last quarter. 

Meanwhile, in the United States, the Department of Justice accused Apple of monopolizing the smartphone market.

Recently the tech giant was caught in an antitrust deal with Google. It was reported that Google, to maintain its position as a dominant and 'default' search engine for users, paid Apple a whopping $20 billion dollars.