Apple reported first-quarter revenue of $90.8 billion on Thursday, a 4% decrease from the same period the previous year. The iPhone maker is still facing development obstacles, especially in China, in the midst of an unstable economy.

Amidst a difficult earnings report, Apple intends to repurchase a record $110 billion worth of shares.

The firm announced the largest share buy in its history, valued at $110 billion, in addition to the 10% decline in iPhone sales. The drop suggests that the September arrival of Apple’s iPhone 15 series was met with a dismal welcome.

For the three months ending March 31, the business reported $45.96 billion in iPhone sales, which was somewhat less than expected. With a modest decrease from the same quarter last year, Apple’s net income for the period dropped to $23.6 billion.

The business also revealed that services revenue reached $23.9 billion, above analyst projections, and Mac sales rose 4% to $7.5 billion.

In the course of an earnings call, CEO Tim Cook mostly highlighted the company’s recent successes while hinting that additional information about its plans for generative AI will be released in the near future.

Furthermore, Apple revealed $5.6 billion in iPad sales, a 17% decrease from the previous year. The announcement is made only a few days before the business is scheduled to hold a press conference at which it is most likely going to reveal improvements to its iPad portfolio and related accessories.