Apple has reported a 7% jump in net profit, along with a seven-for-one stock split and a share buyback during the March quarter.
The iPhone maker beat analysts’ forecasts by reporting quarterly revenues of $US45.6 billion, up from $US43.6 billion year-on-year, while net income grew to $US10.22 billion from $US9.55 billion for the March quarter last year.
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The company also announced it sold 43.7 million iPhones, beating analysts’ predictions of 38.2 million units.
Along with the strong results, the company announced a seven-for-one stock split in June, an increase in its share buyback scheme from $60 billion to $US90 billion, and an increase in its capital return program from $US100 billion to $US130 billion.
Facebook’s quarterly net income nearly triples
Facebook has released its first quarter results, announcing its net income has tripled year-on-year to $US642 million.
The social media giant’s quarterly revenues hit $US2.5 billion, up 72% from the same quarter last year, with advertising revenue contributing $2.27 billion, with 59% of ad revenue coming from mobile users.
Its total subscriber base grew to 1.28 billion monthly active users, up 15% from a year earlier, while mobile monthly active users grew by 34% to 1.01 billion.
Hockey foreshadows pension cuts, tax cuts
Treasurer Joe Hockey used a speech in Sydney to reveal the May budget will increase the number of means tested payments, introduce co-payments for medical benefits and slash government spending, while also providing tax cuts.
Hockey defended providing tax cuts while slashing benefits to pensioners, saying bracket creep would “have a serious impact on Australia’s economic growth prospects” without tax cuts.
The Treasurer also foreshadowed co-payments for GP visits, a means-test for Medicare and the Pharmaceutical Benefits Scheme, tighter eligibility rules for family tax benefits and the age pension, as well as a welfare crackdown.
The Dow Jones Industrial Average is down to 16501.6. The Aussie dollar is down to US92.89 cents.