In American sports, there is the Super Bowl, World Series, Stanley Cup and NBA Finals. In American finance, Apple’s quarterly reports are the equivalents. The excitement surrounding Apple’s quarterly reports has become so high that the company has found it difficult to shift the public’s attention back to its products. On Tuesday, Apple released its second-quarter earnings report, which met the predictions of most analysts. The company earned an impressive $43.6 billion in revenue and $9.5 billion in net profit, reaffirming its status as one of the most consistently profitable companies in the world today.
Apple’s stockholders will receive an extra $55 billion in cash in an effort by the company to build its share-repurchase program. This sets the record as the largest stock buyback in history. Apple will borrow money from U.S. capital markets and overseas accounts to cover this cost.
Despite the report’s impressive earnings statistics, there is still some concern regarding the decline of Apple’s shares. Apple’s stock price has continually declined since its peak of over $700 last September. CEO Tim Cook admitted feeling a sense of frustration over this decline but maintained a strong determination in working toward long-term development. He stated, “The most important objective for Apple will be creating innovating products… This is the same culture and company that brought the world the iPhone and the iPad, and we’ve got a lot more surprises in the works.”