Apple beat expectations in its fiscal first-quarter results, driven by stronger iPhone sales, and announced a $90 billion share buyback program as well as a dividend increase. Shares of Apple rose by over 2% following the announcement.
The tech giant’s revenue was $94.8 billion, higher than the expected $92.9 billion, and earnings per share were $1.52, topping estimates of $1.43. The company’s iPhone revenue increased to $51.33 billion from $50.57 billion, beating estimates of $48.84 billion.
Revenue from Apple’s service business, including Apple TV+ and iCloud, climbed to $20.91 billion from $19.8 billion, and the company’s installed base of active devices reached an all-time high. Goldman Sachs analysts raised the price target on Buy-rated AAPL stock to $209 per share, while KeyBanc analysts hiked the price target to $180 per share.