Apple lays groundwork for first-ever debt issue
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Apple lays groundwork for first-ever debt issue

Last Updated: Tuesday, April 30, 2013, 22:06
 
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Apple lays groundwork for first-ever debt issue
Sydney: Apple has moved towards its first-ever debt issue and is filing documents describing plans for bond sales, which would be used to pay dividends in an effort to stem its stock slide.

In a document filed with the Securities and Exchange Commission, Apple said that it might from time to time offer to sell debt securities in one or more offerings.

According to news.com.au, the California tech giant’s executives described their plans last week when the firm reported quarterly results.

The report indicated it would spend 100 billion dollars on buybacks and dividends to boost shareholder value.

The maker of the iPhone and iPad has a cash stockpile of at least 145 billion dollars, based on disclosures from its latest earnings, the report said.

Apple posted a profit of 9.5 billion dollars on revenue of 43.6 billion dollars in the first three months of this year, compared to 11.6 billion dollars on 39.2 billion dollars a year earlier.

According to the report, quarterly sales of the company grew, with the number of iPhones rising to 37.4 million from 35.1 million a year earlier, and iPads surging to 19.5 million from 11.8 million.

But margins were clearly shrinking as the gross margin fell to 37.5 percent from 47.5 percent.

Some analysts have said the company is facing a crisis in a market where competitors are closing in.

ANI



First Published: Tuesday, April 30, 2013, 22:06


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