The electronics company’s shares are poised to hit another new high tomorrow after releasing an earnings report for early 2015 that exceeded the Street’s expectations — and increased its capital return plans.
The company generated $13.6 billion in net income, up 32.7% vs the period last year on revenues of $58 billion, +27.1%. The top line beat forecasts for about $56 billion. Earnings at $2.33 a share topped expectations for $2.16.
All eyes also are on its main profit driver, the iPhone: With a big boost from China — where sales for the first time outpaced those in the U.S. — Apple sold 61.2 million of them in the first three months of the year, beating predictions for 55 million.
At the same time, the company — which has $194 billion in cash — says that it will return $200 million to shareholders, including an 11% increase in dividends to 52 cents a share.
The news contributed to a 1.7% increase in Apple’s share price, to about $134.70, in post market trading. Its previous high was $133.60.
“We are thrilled by the continued strength of iPhone, Mac and the App Store, which drove our best March quarter results ever,” CEO Tim Cook says. “We’re seeing a higher rate of people switching to iPhone than we’ve experienced in previous cycles, and we’re off to an exciting start to the June quarter with the launch of Apple Watch.”