Apple’s quarterly results and forecast beat modest expectations, as the iPhone maker unveiled a record share buyback programme. Apple increased its cash dividend by 4 per cent and authorised an additional programme to buy back $110 billion of stock. The buyback is the largest in the company’s history.

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.

The surge in Apple’s shares following its report lifted its stock market value by over $160 billion.

Apple said fiscal second-quarter revenue fell 4 per cent 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 per cent revenue growth to $82.89 billion, according to LSEG data.

Long considered a must-own stock on Wall Street, Apple shares have underperformed other Big Tech companies in recent months, falling 10 per cent this year as it struggles with weak iPhone demand and tough competition in China.

Apple expects current-quarter services and iPad revenue to grow by double digits, CFO Luca Maestri told analysts on a conference call.