Apple Adds $50 Billion To Buyback Plan; iPhone, iPad Sales Down

Apple Inc.AAPL released its second quarter earnings report after the bell on Tuesday. The world’s biggest company also announced a $50 billion buyback plan.

"We are proud to report a strong March quarter, with revenue growth accelerating from the December quarter and continued robust demand for iPhone 7 Plus," CEO Tim Cook said. "We've seen great customer response to both models of the new iPhone 7 RED Special Edition and we're thrilled with the strong momentum of our Services business, with our highest revenue ever for a 13-week quarter."

Here are the highlights:

• Q2 EPS $2.10, beatings estimates by $0.08; Sales came in at $52.9 billion, missing estimates by $70 million
• Adds $50 billion to its buyback plans
• Sees Q3 Sales of $43.5-$45.5 billion
• Shipped 50.8M iPhones in Q2
• Quarterly dividend was raised from $0.57 to $0.63/share
• iPhone Units were down 1% YoY
• iPad Units down 13% YoY
• Mac Units were up 4%YoY

Shares of Apple were down about 1.7 percent at $144.93 in the after-hours session.

Gene Munster, the former Piper Jaffray analyst and founder of venture capital firm Loup Ventures, will be giving his analysis of the report on Wednesday's PreMarket Prep at 8:35 a.m. ET.

Munster made a name for himself making bullish calls on Apple as far back as 2004, when he first started covering the stock. In his years covering Apple, Munster became known as one of the most authoritative voices on The Street. While he no longer covers the company for the sell-side, he remains in tuned to the company as part of his vision of the future.

You can listen to the show here or on Benzinga's YouTube Channel.