Apple Posts $ 10.5 Billion Profit This Quarter
While most companies are struggling to get any sales, Cupertino electronics giant Apple just posted a net profit of $ 10.5 Billion. Although, lower than last year’s income of $13.6 billion Apple is still going strong.
The Company posted lower quarterly revenue of $50.6 billion which compared to revenue of $58 billion, in the year-ago quarter, is not a big drop.
“Our team executed extremely well in the face of strong macroeconomic headwinds,” said Tim Cook, Apple’s CEO.
We generated strong operating cash flow of $11.6 billion and returned $10 billion to shareholders through our capital return program during the March quarter,” said Luca Maestri, Apple’s CFO.
Apple also means to give back to its shareholders, The company has authorized an increase of $50 billion to the Company’s program to return capital to shareholders. Under the expanded program, Apple plans to spend a cumulative total of $250 billion of cash by the end of March 2018