=Apple (AAPL) reported Q1 earnings on Tue 26 Apr 2016 (a/h)

Apple misses by $0.10, misses on revs; guides Q3 revs, gross margin below consensus; raises dividend 10%; raises buyback 25% to $175 bln :

• Reports Q2 (Mar) earnings of $1.90 per share, $0.10 worse than the Capital IQ Consensus of $2.00; revenues fell 12.8% year/year to $50.56 bln vs the $51.98 bln Capital IQ Consensus; gross margins of 39.4% vs 39.6% ests vs 40.8% last year (guidance 39-40%). 
• iPhones 51.2 mln vs 51.5 mln ests vs 61.2 mln last year.
  • iPads 10.2 mln vs 9.9 mln ests vs 12.6 mln last year.
  • Macs 4.0 mln vs 4.6 mln ests vs 4.5 mln last year.
• Co issues downside guidance for Q3, sees Q3 revs of $41-43 bln vs. $47.35 bln Capital IQ Consensus; gross margin 37.5-38.0% vs 39.2% ests vs 39.7% last year
• The Board has increased its share repurchase authorization to $175 billion from the $140 billion level announced last year. The Company also expects to continue to net-share-settle vesting restricted stock units.
• The Board has approved an increase of 10% to the Company's quarterly dividend, and has declared a dividend of $0.57 per share, payable on May 12, 2016 to shareholders of record as of the close of business on May 9, 2016.
  • 2.3% dividend yield at after hours price of $99/share.