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Apple on Wednesday said that it plans to buy back an additional $30 billion worth of shares and split its stock. The moves backed by the Apple board were announced as the California company reported a profit of $10.2 billion on $45.6 billion in revenue in the first three months of this year. The earnings figures came with Apple chief Tim Cook hinting that new products are on the way from the maker of iPhones, iPads, iPods, and Macintosh computers. "We’re eagerly looking forward to introducing more new products and services that only Apple could bring to market."
Apple Inc has approved another $30 billion in share buybacks till the end of 2015 and authorized a rarely seen seven-for-one stock split, addressing calls to share more of its cash hoard while broadening the stock's appeal to individual investors. On Wednesday, Apple reported sales of 43.7 million iPhones in the quarter ended March, far outpacing the roughly 38 million that Wall Street had predicted. Whether Apple can again produce a revolutionary new product remains the central question in investors' and Silicon Valley executives' minds, as the smartphone market matures and rivals like Samsung Electronics Co Ltd and Google Inc take chunks out of its mobile-device market share. Many hope that the next iPhone, which sources have said will sport a larger screen with new display technology, will provide a timely lift to the company's bottom line come September, when Apple usually introduces the latest version of its core product.