Weak iPhone sales in China have hurt Apple's financial results. (NurPhoto via Getty Images)
Shares rose in premarket trading after the iPhone maker reported better-than-expected second-quarter profit and announced an expansion of its share-buyback program.
The technology company reported revenue of $90.75 billion ($72.22 billion) for the first three months of 2024, down 4% from a year ago but slightly above the consensus forecast of $90.3 billion.
Sales of its flagship product, the iPhone, fell 10 percent to $46 billion from $51.3 billion in the same period last year, while sales in China fell to $16.3 billion from $17.8 billion in the same period last year.
Apple reported net income of $23.64 billion, or $1.53 per share, down 2 percent from $24.16 billion, or $1.52 per share, in the same period last year.
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Chief Executive Officer Tim Cook sought to reassure investors about the state of the company's business in the world's second-largest economy, noting that iPhone sales in mainland China are actually increasing.
“I maintain a great view on China in the long term,” he said.
The company also announced it would buy back an additional $110 billion in shares and raise its quarterly dividend by 4%.
Coinbase (COIN)
Coinbase reported better-than-expected revenue in its first-quarter earnings report, buoyed by an increase in cryptocurrency trading following the January launch of the first U.S. exchange-traded fund (ETF) tracking bitcoin.
Coinbase, the leading marketplace for buying and selling digital tokens in the U.S., reported net income of $1.18 billion, or $4.40 per share, compared with a loss of $78.9 million, or 34 cents per share, in the same period last year.
However, shares of the largest U.S. cryptocurrency exchange fell as much as 4% in pre-market trading.
Net income increased to $1.17 billion, the highest in the past nine quarters, while net revenue increased 115% compared to the same period last year.
Consumer transaction revenue doubled from the previous quarter to $935.2 million, while transaction volume increased more than 93% to $56 billion.
Anglo American (AAL.L)
Anglo American shares rose 3 percent after Reuters reported that Glencore (GLEN.L) is considering a bid for the 107-year-old mining company, a move that could trigger a bidding war.
Glencore is holding preliminary discussions internally and may not approach Anglo, Reuters reported on Thursday. A Glencore spokesman told Reuters the company does not comment on rumours or speculation.
Anglo American has already expressed interest in being bought by larger rival BHP Group.
Last Friday, Anglo American “unanimously” rejected an “opportunistic” takeover bid from London-based mining company BHP on the grounds that it “significantly undervalued” the company.
The story continues
Guinness beer parent Diageo has poached the financial chief of the world's biggest Coca-Cola bottler as it seeks to recover from falling sales and profits.
Nick Jhangiani, chief financial officer of Coca-Cola Euro Pacific Partners (CCEP), Coca-Cola's largest bottler, will take over from Lavanya Chandrashekar, who joined the Guinness and Johnnie Walker maker in 2018 as financial head of its North American operations.
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The shares have fallen about 15% in the past six months after Diageo issued a profit warning after sales in Latin America and the Caribbean slowed sharply.
“Diageo's weak share price partly reflects questions around financial communications and missteps by senior management, so this acquisition will be viewed moderately favorably,” said RBC Capital analyst James Edwards-Jones.
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