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Apple revenue beats Street view, doubles capital return

Published on Apr 24, 2013 5:56 AM
The Apple logo hangs inside the glass entrance to the Apple Store on 5th Avenue in New York City in this April 4, 2013, photo. Apple Inc, bowing to Wall Street's increasingly stringent demands, announced a doubling in its cash-return programme for shareholders as it reported better-than-expected quarterly results. -- FILE PHOTO: REUTERS

SAN FRANCISCO (REUTERS) - Apple Inc plans to double the amount of capital it returns to shareholders, partly by raising debt, bowing to investors' demands that it share more of its record US$145 billion (S$180 billion) cash pile.

Shares of the company, which were halted before the release of its earnings results, jumped 5.6 per cent to US$428.70 in after-hours trade.

Apple also posted on Tuesday fiscal second-quarter revenue that beat Wall Street's expectations as iPhone and iPad sales surpassed investors' lowered expectations.

But profit declined for the first time in a decade. Apple earned US$9.5 billion or US$10.09 a share in the quarter, down from US$11.6 billion or US$12.30, a year earlier.

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