Apple Buoys Wall Street, Keeping Doubts on Future Growth at Bay
- Company also announces $90 billion in stock repurchases
- The iPhone performs better than expected in latest quarter
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Apple Inc. rallied Friday after an iPhone rebound helped quarterly earnings beat estimates, even as overall sales at the world’s most valuable company remain in decline.
The results suggest that Apple is beginning to recover from a slump that’s plagued both the computer and smartphone industries. It was a particular relief for investors after Qualcomm Inc., a key supplier, raised fresh concerns about phone demand earlier this week. Apple’s sales in China — a weak spot for other tech companies — also came in a bit better than feared.