Apple and Facebook calm tech fears as results trounce expectations

Better-than-expected first quarter results from Apple and Facebook have pushed both stocks higher in after-hours US trading to help calm concerns over technology stocks' performance.

Though both companies saw their share price dip in US trading yesterday, earnings releases pushed Apple 8% higher and prompted a 4% rise for Facebook after markets closed. That follows a period over the past month in which US technology stocks have seen share prices slump following an unprecedented run-up over the past five years. An unexpected 17% rise in iPhone sales helped Apple boost its dividend by 8%; the group said its buyback programme would see it redistribute $130bn by the end of next year. Reporting net profit of $10.2bn, Apple said it would implement a seven-for-one sto...