- NEWS Desk Global
APPLE SHARES JUMP AS RECORD BUYBACK AND SALES GROWTH FORECAST LURE INVESTORS
Apple's shares (AAPL.O) surged by almost 7% on Friday following the announcement of the company's record stock buyback plan and optimistic sales projections. These developments helped to regain investor confidence, particularly among those who had been concerned about weak demand and heightened competition in China. On Thursday, Apple revealed its approval of an additional $110 billion in share repurchases, marking its largest buyback plan to date. Additionally, the company forecasted third-quarter sales that surpassed modest market expectations.
As a result of these announcements, Apple was poised to increase its market value by more than $170 billion if the stock gains were sustained. The company's upbeat sales forecast indicated confidence in its product updates, commencing with an iPad event scheduled for May 7. These updates are expected to stimulate demand in Apple's hardware business, following a period of sluggish growth that had led some investors to question its standing as a top-tier investment.