The company reported $90.8 billion in fiscal second-quarter revenue, down from $94.8 billion a year before. Analysts were modeling $90.4 billion. Apple's net income was $23.6 billion, or $1.53 a share,

The 10% drop in year-over-year iPhone sales for the January-March period is latest sign of weakness in a product that generates most of Apple’s revenue. It marked the biggest drop in iPhone sales since July-September period in 2020,

Despite posting its steepest quarterly decline in iPhone sales since the beginning of the pandemic, Apple's stock surged Thursday after the company announced a 4% increase in its quarterly dividend and a $110 billion stock buyback plan.

Apple shares saw a boost in aftermarket trading after beating Wall Street's estimates with a year-over-year sales decline of 4.3%, while iPhone sales remain flat.

The iPhone maker authorized $110 billion in share buybacks and forecast a return to revenue growth in the current quarter.

Apple on Thursday reported a smaller than expected decline in quarterly revenue, and Chief Executive Tim Cook told Reuters the company expects a return to sales growth in the current quarter as it invests in AI features to be unveiled in the coming months.