Apple returned to its old forecast-busting ways on Wednesday, reporting better-than-expected revenue and iPhone growth. Even though iPad sales underwhelmed, Wall Street cheered the second-quarter results with an 8 per cent spike in after-hours trading. Apple also added $30bn in new dividends and share buybacks to its existing $100bn capital return programme, alongside a seven-for-one stock split.
Tim Bradshaw and Sarah Mishkin bring live commentary from Apple’s conference call and reactions from the market.
In a handy coincidence of scheduling, Apple and Facebook will both report earnings after the market closes on Wednesday.
The two Silicon Valley giants will give Wall Street a fast look at the state of the mobile and online advertising markets, at a time when tech valuations are facing growing questions from investors like David Einhorn. Read more
A cheeky Apple advertisement appeared in several newspapers on Tuesday. Above a vast array of solar panels, it read: “There are some ideas we want every company to copy.”
The ad ran not only during Apple’s latest bout of patent litigation against Samsung, which continues in a San Jose courtroom, but on Earth Day, an annual reminder of our environmental responsibilities.
Apple used Earth Day to launch a new video ad, ‘Better’, narrated by chief executive Tim Cook himself, and a new portion of its website dedicated to its green achievements. These include powering its data centres with 100 per cent renewable energy, as well as 120 of its retail stores.
But perhaps more remarkable is that Mr Cook let Lisa Jackson, Apple’s vice president of environmental initiatives, give an open and sometimes unscripted talk at Stanford University on Tuesday night. Read more
Greg Christie, the Apple designer who was a key part of the team behind the original iPhone, will leave the company later this year, a spokesman confirmed to the FT.
Apple blog 9to5Mac, which broke the story earlier on Wednesday, suggested that Mr Christie had fallen out with Sir Jonathan Ive, Apple’s senior vice president of design. Read more
In the canon of Apple top executive departures following the death of Steve Jobs, the retirement of numbers guy Peter Oppenheimer should give the least cause for concern. Read more
Retiring Apple CFO Peter Oppenheimer
There will be a new face in charge of Apple’s balance sheet.
Luca Maestri, currently a corporate controller at the iPhone maker, will be Apple’s next chief financial officer. He succeeds Peter Oppenheimer, who is retiring. Read more
Here’s Apple’s play in the world of cars, and it’s called, er, CarPlay. Read more
Apple speculators, take a breath.
Executives from the iPhone maker, including its head of operations, met with officials from the US Food and Drug Administration last month, public records show, to discuss “medical applications”.
What could they possibly have been discussing? Read more
Have we been taking too many tablets?
It seems markets are reaching saturation point with growth in the category slowing to 28 per cent year-on-year in the fourth quarter – down from 87 per cent a year earlier. Read more
The rollout of Apple’s iPhone by China Mobile to 300 cities this year is going to be slower than many analysts expected – contributing to its outlook disappointing on Monday and its shares falling more than 7 per cent at the open today.
But new estimates for the rollout of 4G services promise rich pickings for Apple later in 2014 and beyond. Read more