Apple buyback boost as iphone sales leap

Apple last night brushed off suggestions that the iphone party was over as it reported increasing sales and announced a $100bn (£73bn) share buyback. The world’s biggest listed company said revenues in the three months to the end of March grew by 16pc to $61.1bn, leading profits to grow 25pc to $13.8bn. The results beat Wall Street expectations, leading shares in the company to jump in after-hours trading. Reports from Asian suppliers had sent Apple shares falling as investors feared that the latest iphone models had not sold as well as hoped.

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