California-based technology major Apple plans to double its share buyback scheme to $100bn (73 billion pounds), as solid iPhone sales helped revenues rise 16% to just over $61 billion.
The company said it sold 52.2 million iPhones in the three months to March, only a touch below expectations, despite waning global demand for smartphones.
The new plan to buy back even more stock comes after the U.S. changed its tax laws last year, lowering its corporate rate to encourage companies to return cash piles to America.
Apple said the plan to boost its share buyback helped push shares higher, but overall the quarter was impressive. Revenues at Apple‘s services business that includes Apple Music and the App Store jumped almost a third to $9.1 billion.