Apple iPhone sales plunge, as shares rise on dividend, stock buyback news

announced it would buy back $110bn of its own stock and raise its quarterly dividend by 4 percent to $0.25 a share.

“Thanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter,” Apple CFO Luca Maestri said in a statement.

“Given our confidence in Apple’s future and the value we see in our stock, our board has authorised an additional $110bn for share repurchases. We are also raising our quarterly dividend for the 12th year in a row.”

Apple’s tepid results come after a rocky start to the year for the company.