In an article from Bloomberg, Citigroup analyst Jim Suva states that Apple may soon announce a stock buyback of up to $90 billion. In addition, the company will also raise its dividend by 5% to 10%. Second-quarter results are due to close on April 28.
While Apple’s repurchases have totaled $274.5 billion, $20.4 billion was just from the December quarter. There’s a lot more to be done as the Cupertino company has over $200 billion on its balance sheet and is authorized to purchase up to $315 billion of stock.
Other tech companies like Alphabet, Amazon, Meta, and Microsoft also have a slew of excess cash to spend as well. Despite the 14% drop of the Nasdaq 100 index, Apple has done well, only falling 6.7%.
Even with struggles in production, Apple has still remained stronger than ever. With these financial results in mind, how much will Apple’s stock climb throughout the year? WWDC 2022 is coming up in June and here Apple could announce new software and hardware. In the coming months, it will be exciting to see what comes next from this tech giant.
More on WWDC 2022:
- Apple officially announces all-online WWDC 2022 for June 6; iOS 16 and more expected
- Gurman: Apple could announce two new Macs at WWDC 2022
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