Blowout Earnings for Apple and Facebook
Published at | Updated at(NEW YORK) — Two tech giants announced first-quarter results and both surprised Wall Street with stronger-than-expected earnings.
Apple shares overnight gained more than 8 percent after the company said it plans to buy back $30 billion in stock and raise its quarterly dividend by 8 percent. Apple also announced a 7-for-1 stock split.
It’s really benefiting from an alliance with China Mobile, selling 44 million iPhones worldwide, many in China.
Facebook now has more than a billion and a quarter users with two-thirds of them logging in every day. First-quarter earnings and sales surged with advertising revenue rising 82 percent.
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