##  [# Apple ETFs Jump on Earnings, $110B Buyback](/sections/news/apple-etfs-jump-earnings-110b-buyback) 

 

# Apple ETFs Jump on Earnings, $110B Buyback

 

 

The single-stock AAPU, as well as Vanguard's VGT and SPDR's XLK, all moved higher Friday.



 

 

 

 

 [![sumit](/sites/default/files/styles/author_image_icon/public/2023-03/Sumit_0.png?itok=SO-7S5SH "sumit")](/authors/sumit-roy) 

[By Sumit Roy ](/authors/sumit-roy)

 May 03, 2024

 Edited by: Ron Day

 

 

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Exchange-traded funds holding Apple Inc. moved higher Friday after the iPhone maker reported first quarter results that exceeded expectations and announced a $110 billion share buyback.

Shares of Cupertino, California-based Apple jumped around 7%. Apple reported it earned $1.53 per share, beating the estimate of $1.51, while revenues of $90.8 billion beat the $90.4 billion expectation.

The stock was also supported by the company's announcement that it would buy back an additional $110 billion worth of shares. That was more than the $90 billion in buybacks the company had announced in recent years.

Revenues for Apple have fallen year-over-year in five of the past six quarters, but investors were assuaged by comments from Apple that indicated growth in the low single digits for Q2.

[Apple](/stock/AAPL) is held by 458 exchange-traded funds, including big weightings in many tech ETFs like the $63 billion [**Vanguard Information Technology ETF (VGT)**](/vgt) and the $62 billion [**Technology Select Sector SPDR Fund (XLK)**](/xlk), which allocate over a fifth of their portfolios to the stock. The stock also has a hefty 8.5% weighting in the popular $250 billion [**Invesco QQQ Trust (QQQ)**](/qqq). All of those funds rose today.

For aggressive traders who want more concentrated exposure to Apple, the $60 million [**Direxion Daily AAPL Bull 2X Shares (AAPU)**](/aapu) offers just that. That fund jumped 13% midday Friday, twice the gain for shares of Apple.

## Low Expectations

Expectations were low for Apple ahead of the release of its first quarter earnings report. The stock was down by 10% since the start of the year, sharply lagging the S&amp;P 500’s 6.2% return.

After today’s jump, Apple’s losses have been cut to 4%.

Industry channel checks had suggested that the iPhone had lost significant market share in China.

But even though Apple’s China revenue dropped 8% from a year ago in Q1, the company attributed it to a drop in sales of other products—not the iPhone.

Apple CEO Tim Cook noted that iPhone revenues in China actually increased, which was a relief for investors.

 
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 [ Sumit Roy Senior ETF Analyst ](/authors/sumit-roy) 

 

 

  Sumit Roy is the senior ETF analyst for etf.com and author of (Don't) Invest Like a Pro. He creates a variety of content for the platform, including…   [View Bio](/authors/sumit-roy)

 



 

 


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