RumoursSteve Barrett

Apple sells 3 million new iPads since it's Friday launch

RumoursSteve Barrett

  The New iPadApple's latest media release states that they have sold over 3 million new iPads since it's launch on Friday:

"Apple® today announced it has sold three million of its incredible new iPad®, since its launch on Friday, March 16. The new iPad features a stunning new Retina™ display, Apple’s new A5X chip with quad-core graphics, a 5 megapixel iSight® camera with advanced optics for capturing amazing photos and 1080p HD video, and still delivers the same all-day 10 hour battery life* while remaining amazingly thin and light. iPad Wi-Fi + 4G supports ultrafast 4G LTE networks in the US and Canada, and fast networks around the world including those based on HSPA+ and DC-HSDPA.**

“The new iPad is a blockbuster with three million sold―the strongest iPad launch yet,” said Philip Schiller, Apple’s senior vice president of Worldwide Marketing. “Customers are loving the incredible new features of iPad, including the stunning Retina display, and we can't wait to get it into the hands of even more customers around the world this Friday.”

They have also announced long awaited plans to initiate a dividend and repurchase program later this year:

"Subject to declaration by the Board of Directors, the Company plans to initiate a quarterly dividend of $2.65 per share sometime in the fourth quarter of its fiscal 2012, which begins on July 1, 2012.

Additionally, the Company’s Board of Directors has authorized a $10 billion share repurchase program commencing in the Company’s fiscal 2013, which begins on September 30, 2012. The repurchase program is expected to be executed over three years, with the primary objective of neutralizing the impact of dilution from future employee equity grants and employee stock purchase programs.

“We have used some of our cash to make great investments in our business through increased research and development, acquisitions, new retail store openings, strategic prepayments and capital expenditures in our supply chain, and building out our infrastructure. You’ll see more of all of these in the future,” said Tim Cook, Apple’s CEO. “Even with these investments, we can maintain a war chest for strategic opportunities and have plenty of cash to run our business. So we are going to initiate a dividend and share repurchase program.”

“Combining dividends, share repurchases, and cash used to net-share-settle vesting RSUs, we anticipate utilizing approximately $45 billion of domestic cash in the first three years of our programs,” said Peter Oppenheimer, Apple’s CFO. “We are extremely confident in our future and see tremendous opportunities ahead.”