Apple (AAPL) earnings have dipped in response to the coronavirus pandemic, but the company has promised $50 billion in buybacks and a dividend increase. 

According to a report by Marketwatch, Apple has declined to provide investors with a financial forecast in response to COVID-19 and said profits slipped slightly despite a bump in sales. 

Apple’s earnings and revenue report topped analyst expectations for the March quarter. However, the company has decided against providing a forecast for the current quarter, citing uncertainties brought on by the coronavirus pandemic. 

Apple announced it would be boosting its buyback program by an additional $50 billion, down from an increase of $75 billion and $100 billion in 2019 and 2018, respectively. The company also announced it would increase its quarterly dividend by 6 percent to 82 cents a share, up from 5 percent the year before. 

The report cites Apple’s supply and demand issues which emerged in China during February, before becoming a global issue in March. Apple Chief Executive Tim Cook said the company’s production was “back at typical levels toward the end of March,” but claimed foot traffic to stores in China had not yet risen to pre-lockdown levels. 

Featured Image Credit: Photo via