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Apple buys back $14B worth of stock — CEO says ‘great stuff’ coming from new product categories

Image Credit: afagen

Apple’s stock repurchasing plan is moving ahead at full steam.

CEO Tim Cook said today that the company has bought back $14 billion worth of its own stock over the past two weeks, following an earnings report that left Wall Street cold, reports the Wall Street Journal.

Apple previously said that it plans to buy back $60 billion of its own shares over the next few years. Cook noted that, together with this latest deal, Apple has repurchased more than $40 billion worth of shares in the past year.

In its first quarter earnings report last week, Apple announced record revenues, but it sold fewer iPhones than analysts estimated. The company also projected that earnings for this quarter may decline from last year’s numbers. Apple’s stock fell around 8 percent following the report, which could explain why it was so quick to buy back more shares.

Cook reiterated that the company is exploring “new product categories,” which he describes as “really great stuff.” That’s not really a surprising response from Cook — critics are harping on the notion that Apple is no longer innovating with new devices. But on top of recent stories pointing to Apple’s new focus on health tech, his comments hint that the heavily rumored iWatch is in the works.

More information:

Apple designs and markets consumer electronics, computer software, and personal computers. The company's best-known hardware products include the Macintosh line of computers, the iPod, the iPhone and the iPad. Apple software includes t... read more »

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