Apple’s revenue declined for the fifth time in the past six quarters, dragged down by ailing iPhone sales and new competition from smartphone rivals in China.Still, shares of Apple rose more than 7% in after-market trading as the company authorized $110 billion in stock buybacks and signaled that the current quarter is likely to see revenue growth.

Apple has posted its steepest quarterly decline in iPhone sales since the pandemic’s outset. The results reflect a deepening slump that’s increasing the pressure on the trendsetting company to spruce up its products with more artificial intelligence.

Apple's Tim Cook wants Wall Street to focus on its service business, but that business is under threat.