Shortly after Apple used a new tax law last year to bring back most of the $252 billion it had held abroad, the company said it would buy back $100 billion of its stock.
On Tuesday, Apple announced its plans for another major chunk of the money: It will buy back a further $75 billion in stock.
“Our first priority is always looking after the business and making sure we continue to grow and invest,” Luca Maestri, Apple’s finance chief, said in an interview. “If there is excess cash, then obviously we want to return it to investors.”
Apple’s record buybacks should be welcome news to shareholders, as the stock price is likely to climb. But the buybacks could also expose the company to more criticism that the tax cuts it received have mostly benefited investors and executives.
Separately on Tuesday, Apple said slumping iPhone sales shrank its profit 16.4 percent, to $11.56 billion, in the latest quarter compared with a year ago.
In the period, the company’s second fiscal quarter, iPhone sales fell 17.3 percent from the same period a year ago, to $31 billion, in part because of a larger drop in revenue in the China region. The company’s services revenue, which includes app sales, grew 16.2 percent to $11.45 billion.