Apple shares rose 4.5% in after-hours trading on Thursday following earnings results. Apple’s board also authorized a $90 billion increase in its stock buyback program.
The latest results come on the heels of Apple’s record revenue for a critically important holiday season quarter even as it continues to grapple with supply chain shortages. In January, the company reported $123.9 billion in revenue for the final months of the year, an 11% increase over the previous year, driven by demand for its latest lineup of iPhones and other devices as well as the strength of its services business.
Last month, Apple hosted its first event of the year where it showcased an upgraded iPad Air, a new desktop computer, a powerful new Mac chip, and the first affordable iPhone with access to 5G networks.