Keeping investors as their top priority, Apple has reportedly bought back shares worth $14 billion in a couple of weeks. The developments materialized after the financial reports of the first and second quarter revenue were dismal.
After Apple got the shares back, the shares rose around 2% on the Friday trading. According to the Wall Street Journal, the CEO of Apple was amazed as the stocks of the company had come down by about 8%. However, there wasn’t any immediate confirmation from Apple regarding this.
Apple had been at the top as the technology leader during the reins of Steve Jobs. It was during Jobs’ period that Apple had come up with gadgets like the iPhone and iPad. There was always curiosity and enthusiasm when Apple would announce or launch a new product. There were innovative devices as well as newer technology features.
People got used to the innovations and always wanted something that was unique and first of its kinds. No wonder, the expectations increased for the ensuing products. The sales of the iPads and the iPhones weren’t to the expectations of the investors in the first quarter.
The revenue forecast by WSJ for the second quarter wasn’t also didn’t match the expectations. The US-based company has been facing stiff competition and that has slowed down the growth. It has been getting hard for Apple to maintain the momentum that they had years ago.
Apple does know its responsibilities and isn’t certainly sitting with crossed fingers. Carl Icahn, the billionaire investor is virtually pressuring Apple for boosting the buying back of the shares. In the previous month, he had tweeted about another of his investments with Apple that amounted to $500 million. This now takes his investment with Apple to $2.5 billion with nearly 4.7 million shares.