Apple announces share buyback as earnings rise

Technology giant Apple reported profits of $10.2bn (£6.1bn) after selling 43.7 million iPhones during the three-month period ending 29 March. It also announced plans to buy an additional $30bn of its stock back from shareholders and to increase its quarterly dividend by 8%. The moves are meant to appease investors as the firm reports slowing revenue growth.
Revenue was $45.6bn, a 4.6% increase from the same period a year ago. "We’re very proud of our quarterly results, especially our strong iPhone sales and record revenue from services," said chief executive Tim Cook in a statement. Shares in the firm surged more than 7% in after-hours trading.