Apple reported its earnings last week, and the tech giant said nothing alarming — no massive misses or lowered expectations.

The report in itself was bland, like unsweetened apple sauce — not bad if you’re counting calories, but not nearly as good as when Mom added some cinnamon and sugar. And that’s exactly what Apple’s $100 billion stock buyback was.

Apple shares rose 4.4 percent on the news of one-tenth of a trillion-dollar offering to investors.

As good of a company as Apple is, the market would have sliced more than a few points off the stock price if there were no sweetener — er, buyback.

You see, Apple — CEO Tim Cook specifically — really doesn’t have much in the way of new products to prod its shares higher.

The iPhone X is a new form of an existing product, but it’s not a new product.

Even with the new iPhone, sales were only up 16 percent from last year’s same quarter, and that corresponds to its 16-to-17 price-to-earnings multiple, the same as Caterpillar.

Cook essentially told The Street, “We have no better options for this cash, so you take it.”

Its lack of innovation and acquisitiveness has created an embarrassingly large cash problem for Apple.

Google bought Nest and started a cloud business, along with a fiber optic service rollout.

Microsoft bought LinkedIn and, like the others, spent hugely on its cloud build-out.

Amazon bought Whole Foods and instantly lowered prices on avocados for millennials. It’s experimenting with drones, along with the largest cloud-storage business. Not to mention all the services of Prime.

Facebook bought Instagram and WhatsApp.

Cook may be the best manager in the corporate world, but he isn’t the best entrepreneur. Even so, he can afford to hire a whole bushel of them as his supporting cast.

In the meantime, he needs to lose the image that he has just been phoning it in these past few years.