Apple expands buybacks by $30 billion, OKs seven-for-one sto

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    Anonymous

    Technology News

    The Apple logo is pictured on the front of the company's flagship retail store near signs for the central subway project in San Francisco, CaliforniaBy Edwin Chan SAN FRANCISCO (Reuters) – Apple Inc has approved another $30 billion in share buybacks till the end of 2015 and authorized a rarely seen seven-for-one stock split, addressing calls to share more of its cash hoard while broadening the stock's appeal to individual investors. Activist investor Carl Icahn, who had famously called on the iPhone maker to boost its buyback program, tweeted his approval of the move on Wednesday. On Wednesday, Apple reported sales of 43.7 million iPhones in the quarter ended March, far outpacing the roughly 38 million that Wall Street had predicted. But whether Apple can again produce a revolutionary new product remains the central question in investors' and Silicon Valley executives' minds.


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