Deals
Apple Defies Skeptics With Sales Surge, Boosts Buyback
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Apple Inc. Chief Executive Officer Tim Cook just bought himself more time to prove doubters wrong over the company’s growth prospects.
Cook yesterday took dual steps to reassure investors who have raised questions about whether the company’s most robust gains are behind it. Apple reported surging sales of iPhones, with 43.7 million purchased in the fiscal second quarter after the handset became available through the world’s largest wireless carrier, China Mobile Ltd. Apple also said it will increase its share repurchase authorization by $30 billion, boost its dividend and split its stock 7-for-1.