(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)
By Robert Cyran
NEW YORK, May 7 (Reuters Breakingviews) - The tech giant produces over $100 bln of excess cash a year. An event showcasing a new pencil reveals its quandary. Investing in AI ventures may be necessary but is riskier for Apple than for rivals like Microsoft. But a rush gained through stock buybacks isn’t a long-term fix.
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CONTEXT NEWS
Apple said on May 2 that revenue for the quarter ending March 30 declined 4% from the same period last year. The company earned $1.53 per share, compared to $1.52 per share a year ago.
Apple also said the company’s board had authorized the repurchase of $110 billion of stock, and a 4% increase in the quarterly dividend to 25 cents.
At a company event on May 7, Apple unveiled new iPads and an improved Apple Pencil.
(Editing by Lauren Silva Laughlin and Sharon Lam)
((For previous columns by the author, Reuters customers can click on robert.cyran@thomsonreuters.com; Reuters Messaging: robert.cyran.thomsonreuters.com@reuters.net))
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