Apple unveiled its results for the first quarter of 2021 and it's fair to say it made some serious bank y'all
Sales managed to stay strong for Apple, as people had nothing better to do than online shop - and shop they did!
Sales in China almost doubled. That'd be over $8B more in iPhone sales than expected in just 3 months!
Last quarter was so good for Apple that it announced a monstrous $115 billion share repurchase... aka a “share buyback”.
A share buyback is when a company buys its own shares in order to reduce the number of shares available to everyone else.
Companies buy back their own shares for a few reasons:
Reason 1: By reducing the number of shares available in the open market, companies can prevent other shareholders from buying so many shares that they take control of the company.
Reason 2: The company can increase the value of each share... juuust basic supply and demand at play here.
Sign up for Flux and join 100,000 members of the Flux family