Apple shares rise on higher-than-expected profits and a $110 billion buyback plan.

Following the company’s announcement of a $110 billion stock repurchase program and better-than-expected fiscal second-quarter profits, Apple (AAPL) shares surged during extended trading on Thursday.

Revenue for the corporation in the second quarter of its fiscal year 2024 was $90.75 billion, down 4% from the same period the previous year but marginally higher than experts’ projections. Diluted profits per share (EPS) increased somewhat, although net income decreased to $23.64 billion from $24.16 billion in the year-earlier period. Both of the earnings figures exceeded analyst projections.

Additionally, Apple revealed record-high services revenue of $23.87 billion, up 14% from the same period last year.

Apple Stock Jumps

Apple also increased its quarterly dividend to 25 cents and announced a $110 billion share buyback program.

“Our business performance drove a new EPS record for the March quarter, and our active installed base of devices has reached a new all-time high across all products and geographic segments, thanks to very high levels of customer satisfaction and loyalty,” Apple Chief Financial (CFO) Officer Luca Maestri stated in the earnings release.

Sales of Apple’s highly anticipated iPhone fell to $45.96 billion in the most recent quarter from $51.33 billion in the same period last year. Investors also kept a tight eye on the company’s Greater China operation, which reported revenue of $16.73 billion for the quarter that ended last year, down from $17.81 billion the previous year.

At approximately 7:30 p.m. ET, Apple’s stock was up 6% at $183.46. Amid worries about the future of the iPhone business and weakness in China, the stock had lost 10% of its value by Thursday’s close.