Companies

Apple tops estimates after iPhone sales bounce back

Overall revenue amounted to $94.8 billion in the fiscal second quarter

As expected, Apple announced plans for $90 billion in stock repurchases — the same as last year’s plan. Picture: Getty

Sales of Apple Inc.’s iPhone rebounded last quarter, helping the world’s most valuable company top earnings estimates and weather an industrywide downturn that has battered much of its product lineup.

Overall revenue amounted to $94.8 billion in the fiscal second quarter, Apple said Thursday, exceeding the $92.6 billion analysts predicted. Though the sales fell 2.5 per cent in the period, the company had warned investors to expect a drop of roughly twice that.

The results ...