CFO Kevan Parekh disclosed the shift after Apple posted 17% revenue growth, 22% higher iPhone sales and a 34% rise in March-quarter research and development spending.
Apple's net cash stood at $62 billion on 31 March, down from $163 billion in 2018, while March-quarter buybacks were halved year on year despite free cash flow rising 28%.
The move suggests Apple may retain more cash for AI investment, pricier memory chips and possible acquisitions as Tim Cook prepares to hand the chief executive role to John Ternus in September.
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