Apple revenue beats Street view, doubles capital return
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.