Apple's Q2 Profits Drop Amid Stock Buyback Program

Law360, Los Angeles (April 23, 2013, 6:40 PM EDT) -- Apple Inc.'s second-quarter earnings report released Tuesday showed the Cupertino, Calif.-based tech giant suffered its first year-over-year quarterly profit decline since 2003 despite strong overall revenues as it announced a major boost to its stock buyback program.

The company announced a profit of $9.5 billion — $10.09 a share — amid revenues of $43.6 billion. At this time last year, Apple reported profits of $11.6 billion — $12.30 a share — with revenues of $39.2 billion. Apple's net income decline year-over-year is 18 percent.

Apple sold...
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