iPhone maker Apple's quarterly results and outlook surpassed cautious forecasts, pushing its stock up six percent in extended trading, after its announcement of its record-breaking share repurchase scheme.

It gave its word for a second program to repurchase $10 billion in stock, added with the increasing cash dividend by four percent. This buyback is said to be the biggest in the business world till date.

The company’s CEO, Tim Cook, indicated that revenue growth would continue in the current quarter despite the company’s quarterly revenue falling short more than analysts had predicted.

Amid fierce competition and regulatory obstacles, Apple’s performance and outlook indicate a possible recovery in its stance in the smartphone industry.

Its increase in stock value after its report grew more than $160 billion.

LSEG data indicates a decrease in Apple’s fiscal-quarter revenue by four percent to $90.8 billion, exceeding analyst forecast of $90.1 billion.

For a while, the iPhone maker has been a must-own stock on Wall Street, except its shares’ under performance in the recent months among its competitors. It has lost around 10 percent of its value due to a lackluster demand for the iPhone and fierce competition in China.

Its business is entangled in numerous obstacles. Other competitors in the smartphone market like Samsung Electronics, have unveiled gadgets designed to house chat-bots with artificial intelligence.

Regarding regulations, a new rule in Europe is putting pressure on Apple's services division, which houses its profitable App Store and was one of the few areas of growth in the company's fiscal second quarter. The US Department of Justice charged Apple with price gouging and monopolizing the smartphone market in March.

With that one-time event excluded, iPhone sales decreased somewhat despite fierce competition for the Cupertino, California-based company's flagship product. Huawei Technology has increased its market share in China.

Regarding artificial intelligence (AI), Apple has not disclosed many details about its product intentions. Microsoft and Alphabet's Google are major bettors on this technology. Cook stated that over the previous five years, the company has spent over $100 billion on research and development. The corporation began increasing its R&D spending last year.