Apple’s services business underpins its growth in the last quarter 2022-04-28 16:10:34

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The company reported sales of $97.3 billion in the second fiscal quarter, up 9% from the previous year. apple (AAPL)The iPhone business grew 5% to $50.6 billion during the quarter. Services business revenue increased 17% year-over-year to nearly $20 billion in the first quarter.

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.

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