SAN FRANCISCO, USA: Apple gobbled up $14 billion worth of its shares in the two weeks after \o “Apple sells record number of iPhones, iPads” earnings figures disappointed the market, chief executive Tim Cook said in an interview published Thursday by the Wall Street Journal.
Cook said the maker of iPads, iPhones, iPods and Macintosh computers was “surprised” by a drop in share price triggered by the quarter results and wanted to be “opportunistic.”
Including the shares bought after the release of earnings results on January 27 California-based Apple has bought back more than $40 billion worth of its stock, the Journal said.
Record iPhone and iPad sales pushed Apple quarterly revenue to a new high but shares tumbled over concerns of weaker profits ahead in fierce mobile gadget markets.
The tech giant reported net income of $13.1 billion on revenue of $57.6 billion in the quarter that ended December 28, helped by selling 51 million iPhones.
The profit was the same as Apple reported in the same quarter a year earlier when its revenue was $54.5 billion.
The stock buyback was said to be part of a previously announced plan by Apple to return $100 billion to investors, with $60 billion of that involving repurchase of shares.
Apple shares were up to $512.51 at the close of the trading day on Thursday.