Apple approved a $90 billion share buyback program

Apple reports better-than-expected quarterly results and boosts its share repurchase program and quarterly dividend by 4%.

Apple approved a $90 billion share buyback program

Apple Inc. is planning to buyback another $90 billion of its stock.

Tech giant announces the expansion of its share repurchase programs while reporting better than expected second-quarter results. The Cupertino firm's (Nasdaq : AAPL) share price is about the same as it was one year ago when they announced their new buyback program.

In a press statement, Luca Maestri said that the iPhone maker's board approved the new money because of "our confidence in Appleā€™s future and value we see in the stock."

Investors mostly ignored the announcements. In recent after-hours trades, the company's stock price rose by about 2%.

Apple spent $90.2 Billion on stock repurchases during its fiscal year last year, and $39 Billion in the first half of this fiscal year.

The company reported a profit of $24.2 billion in its second fiscal quarter. This is equivalent to $1.52 per share. The company's revenue fell 3%, to $94.8 billion.

Apple's operating cash flow for the period was $28.6 Billion.

Analysts predicted earnings of $1.43 per share on revenues of almost $93 billion.

Tim Cook, Apple's CEO, noted in a press release that the services division had posted sales of $20.9 billion for the quarter. This is a record quarterly. Apple's iPhones generated sales of $51.3 billion during the quarter -- up from $50.6 in its second quarter in last year. This is a record for a quarter in March, according to Cook. He said that the number of Apple devices in use, which are not released by the company, also reached a record high.

Cook stated in a press release that the company had achieved these successes "despite the challenging macroeconomic climate".

Apple increased its quarterly dividend by 4%, to 24 cents per share. This is in addition to its increase of its buyback program. Maestri noted that this was the 11th consecutive year Apple had increased its dividend payout.