Apple promises a return of extra $55bn to investors as profits fall

Aiming to appease.

New Statesman
Photograph: Getty Images

Apple's quarterly profits have fallen for the first time in a decade, but the company has promised to return an extra $55bn to investors over 3 years.

Here's the FT:

The scale of the cash return, on top of $45bn already promised over three years, is matched only by ExxonMobil in corporate America, and is designed to appease investors frustrated by its tumbling share price.

The move is a further break from co-founder Steve Jobs’ preferred policy of holding on to as much capital as possible. It comes as chief executive Tim Cook, under pressure from activist investors as iPhone growth slows, tries to assure shareholders and customers that Apple has lost none of its magic touch