Better-than-expected first quarter results from Apple and Facebook have pushed both stocks higher in after-hours US trading to help calm concerns over technology stocks' performance.
Though both companies saw their share price dip in US trading yesterday, earnings releases pushed Apple 8% higher and prompted a 4% rise for Facebook after markets closed. That follows a period over the past month in which US technology stocks have seen share prices slump following an unprecedented run-up over the past five years. An unexpected 17% rise in iPhone sales helped Apple boost its dividend by 8%; the group said its buyback programme would see it redistribute $130bn by the end of next year. Reporting net profit of $10.2bn, Apple said it would implement a seven-for-one sto...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
