News Tech: As part of a prearranged trading plan, Apple’s Chief Financial Officer Luca Maestri sold shares worth $16.9 million.
The transaction was carried out in two tranches, per a filing with the US Securities and Exchange Commission (SEC).
Maestri started working for Apple in 2013 and is directly under CEO Tim Cook.
The price of Apple’s stock on Friday was $171.52, a gain of almost 32% since June.
Despite the challenging macroeconomic situation, Apple had a record-breaking June quarter, increasing its revenue by 2% (year over year) to $83 billion, thanks to a 13% growth in services revenues.
In the months of April through June, iPhone sales increased from $39.5 billion to $40.7 billion, a 3% rise over the corresponding period in 2017.
Despite the difficult operating climate, “our June quarter results continued to illustrate our ability to run our business effectively,” stated Maestri.
In one transaction, 66,390 shares were sold for $174.66 each, and in the other, 30,345 shares were sold for $175.60 each.
Maestri reportedly sold 96,735 shares in total, according to MacRumors.
According to insider trading rules, “the transactions were carried out in accordance with a preset trading plan adopted by Maestri in November 2020,” the report stated.
Following the sale, Maestri still possesses approximately 110,000 shares of Apple stock, according to a US SEC filing.
“We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category,” he had said.