Hold buy

2 May 2017 By Robert Cyran Follow @rob_cyran

The tech colossus sold nearly 51 mln smartphones despite a resurgent Samsung and maturing markets. App-store sales also grew and more dividends and buybacks are on the way. That should pacify investors until Apple rolls out the 10th anniversary edition of its pioneering device.

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Apple on May 2 reported revenue of $52.9 billion for the quarter ended April 1, an increase of 5 percent from the same period in 2016 even as it reported a surprise decline in the number of iPhones it sold.

The company earned $11 billion, or $2.10 a share, compared with $10.5 billion, or $1.90 per share, in the same quarter a year earlier. Services sales, which includes apps downloaded from its store and AppleCare support plans, increased 18 percent to $7 billion in the quarter.

In addition, Apple said it would return an additional $50 billion to shareholders on top of its existing plans. The board increased its share repurchase authorization to $210 billion, from the $175 billion level it announced a year ago. It also increased the dividend by 10.5 percent to 63 cents per quarter.

Under its program, which has been extended by four quarters, Apple expects to spend a cumulative total of $300 billion by the end of March 2019.

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