Apple CFO Luca Maestri sells stock worth $16.9 million

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Apple CFO Luca Maestri sold shares worth $16.9 million as part of an arranged negotiation plan.

According to a filing with the U.S. Securities and Exchange Commission (SEC), the transactions were executed in two tranches.

One trade was for 66,390 shares, sold for $174.66 each, while the other was for 30,345 shares at $175.60 each.

MacRumors reports that a total of 96,735 shares were sold by Maestri.

“The trades were made in accordance with a predetermined trading plan adopted by Maestri in November 2020, in accordance with insider trading laws,” the report said.

Maestri still owns about 110,000 Apple shares after the sale, according to the US SEC filing.

Maestri joined Apple in 2013 and reports directly to CEO Tim Cook.

Apple stock closed at $171.52 on Friday and is up nearly 32% since June.

Despite the global macro environment, Apple posted a record quarter in June with a 2% year-on-year increase in revenue to $83 billion, driven by a 12% increase in service sales.

iPhone revenues rose from $39.5 billion to $40.7 billion between April and June, a 3% increase over the same period last year.

“Our June quarter results continued to demonstrate our ability to effectively manage our business despite the challenging operating environment,” Maestri said.

“We set a revenue record for the June quarter and our installed base of active devices reached an all-time high in every geographic segment and product category,” he said.

During the quarter, Apple generated nearly $23 billion in operating cash flow and returned more than $28 billion to shareholders.

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(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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