06:39 AM EDT, 05/03/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Apple ( AAPL ) shares rose 5.9% in premarket activity Friday after the company's earnings and sales beat market expectations while announcing an additional share buyback program.

The company reported fiscal Q2 diluted earnings late Thursday of $1.53 a share, up from $1.52 a year earlier.

Analysts surveyed by Capital IQ expected $1.50.

Sales in the quarter ended March 30 were $90.75 billion, down from $94.84 billion a year earlier. Analysts surveyed by Capital IQ expected $90.45 billion.

The iPhone maker increased its cash dividend by 4% to $0.25 per share, payable on May 16 to shareholders of record on May 13.

The company's board also approved an additional repurchase program of up to $110 billion of its common shares.

Price: 183.44, Change: +10.41, Percent Change: +6.02