Apple unveils a record stock buyback program after better-than-expected results

Apple unveiled a record stock buyback program after announcing better-than-expected quarterly results on Thursday.

According to Reuters, the iPhone manufacturer raised its dividend by 4% and announced the approval of an additional share buyback program worth $110 billion, in a buyback process that is the largest in the company’s history.

The company’s quarterly revenues fell, but less than analysts expected, and CEO Tim Cook said revenues would return to growth in the current quarter.

The results and forecasts suggest that the company may regain its position in the smartphone market, despite the fierce competition and regulatory challenges.

The company’s shares jumped 6% after publishing its report, raising its market value by more than $160 billion.

Apple said its quarterly financial revenues fell by 4% to $90.8 billion, exceeding analysts’ average estimate of $90.01 billion, according to data from the London Stock Exchange Group.