Apple Created History: Declares $110 Billion Share Buyback
Apple recently announced that they are going to buy back $110 Billion of their shares. This created a history in the United States setting the highest buyback record ever. In 2018, Apple announced that they would buy back their shares of $100 Billion. With this Apple now holds its position in the top 6 biggest buybacks in the history of the United States. Apple is leading the list of Top 6 with Chevron Corp and Alphabet Inc following their position in the list.
Hike In Apple’s Shares
After Apple’s announcement, the share of the company increased by 8% when trading started after market hours. The increase in the shares indicated that investors are very much interested in Apple’s buyback plan. If the increase continues to grow till Friday then Apple’s market value will grow up to $190 Billion.
The drastic jump in the increase of the market value of Apple is great news for the investors of this company. Before this increase in market value Apple was not going through a great phase as compared to other competitive companies called Magnificent 7. Before this Apple was experiencing a decline of 10%.
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Apple decided to increase money by increasing the cash dividend by 4% and said that the company would buy back more of its shares worth $110 Billion. This is one of the biggest buyback plans of the company.
Previously Apple was not doing well as it did not earn much which was not expected but according to the experts the company did better. The company’s performance depicts that despite so much competition the smartphone market will grow more in the coming years.
Apple Still The Biggest Player
CEO of Apple Tim Cook stated that he has confidence in the growth of the company and the company will continue to earn more which is good news for Apple.
The report shared by Apple reflecting the surge in its share depicted the increase in market value price to $160 Billion which states that the investors have full confidence in the growth and future of the company.
Apple has faced various obstacles in its business including tough competition from other companies but Apple is focusing on the long run and futuristic growth of the company.
