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Apple's $100 billion stock buyback overshadows iPhone

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By Stephen Nellis(Reuters) - Apple Inc reported resilient iPhone sales in the face of waning global demand and promised $100 billion in additional stock buybacks, reassuring investors that its decade-old smartphone invention had life in it yet.Apple's quarterly results topped Wall Street forecasts, which dropped ahead of the report on growing concern over the iPhone. The Cupertino company also was more optimistic about the current quarter than most financial analysts, driving shares up 3.6 percent to $175.25 after hours.Suppliers around the globe had warned of smartphone weakness, playing ...

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First Published: Wed, May 02 2018. 04:24 IST