Apple unveils record $110B stock buyback as earnings beat low expectations

Apple’s  quarterly results and forecast beat modest expectations on Thursday, as the iPhone maker unveiled a record share buyback program, sending its stock up almost 7% in extended trade.

Apple increased its cash dividend by 4% and authorized an additional program to buy back $110 billion of stock. The buyback is the largest in the company’s history, according to Investing.com analyst Thomas Monteiro.

Apple’s quarterly revenue fell, but less than analysts had expected, and CEO Tim Cook said revenue growth would return in the current quarter.

The results and guidance suggest the company may be regaining its footing in the smartphone market, despite stiff competition and regulatory challenges.

Apple said fiscal second-quarter revenue fell 4% to $90.8 billion, beating the average analyst estimate of $90.01 billion, according to LSEG data.

For Apple’s current quarter, which ends in June, Cook told Reuters the iPhone maker expects “to grow low-single digits” in overall revenue. Wall Street expected 1.33% revenue growth to $82.89 billion, according to LSEG data.