Apple stock jumps due to earnings

Source: Dukascopy Bank SA


Despite suffering a 10% decline in iPhone sales, Apple has managed to bear quarterly financial forecasts by a slight margin. However, the stock is surging due to a different reason. The company has announced share buybacks that would amount to a total of $110 billion.

The earnings per share for the first quarter were forecast to be $1.505, but actual number was $1.53 EPS. Meanwhile, total revenues amounted to $90.753 billion instead of $90.366.

The news of a possible buyback circulated already on Thursday. The stock price gained 2.20% during that day. After the earnings announcement, the stock jumped around additional 6.00%. It surged even more, when it was revealed that the US employment data signals a decline and the USD weakened.

Apple is set to start Friday's trading with a bump up of 7.07%, above the $185.00 level.
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