By Noel Young

Apple socked it to the doubters yesterday with a 7% increase in quarterly profit and a $30 billion stock-buyback programme because, said CEO Tim Cook, the company’s shares are undervalued.

“That should show you how much confidence we have in the future of the company,” Cook told The Wall Street Journal.

Apple raised its share repurchase authorisation to $90 billion from the $60 billion level announced last year. The company also lifted its quarterly dividend by about 8% and said it would split its stock 7-for-1 in June.

Apple shares jumped more than 7% in after-hours Read full story ›

Source: The Drum