May 3 Reuters Apple39;s quarterly results and forecast beat modest expectations on Thursday, as the iPhone maker unveiled a record share buyback program, sending its stock up 6 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 company39;s history.

Apple39;s quarterly revenue fell, but less than analysts had expected, and CEO Tim Cook said revenue growth would return in the current quarter.

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

Apple expects currentquarter services and iPad revenue to grow by double digits, CFO Luca Maestri told analysts on a conference call. The company expects gross margins of between 45.5 and 46.5 for the fiscal third quarter.

Apple faces a raft of challenges across its business. Smartphone rivals such as Samsung Electronics have introduced competing devices aimed at hosting artificialintelligence chatbots.

On the regulatory front, Apple39;s services business, which contains its lucrative App Store and was one of the few areas of growth in the fiscal second quarter, is under pressure from a new law in Europe. In the United States, the Department of Justice in March accused Apple of monopolizing the smartphone market and driving up prices.

For the fiscal second…