Apple announces largest-ever $110 billion share buyback as iPhone sales drop 10%

Apple shares climbed 7% in extended trading on Thursday after the iPhone maker reported fiscal second-quarter earnings that topped estimates and announced an expanded stock buyback program.

Apple announced that its board had authorized $110 billion in share repurchases, a 22% increase over last year's $90 billion authorization. It's the largest buyback in history, ahead of Apple's previous repurchases, according to data from Birinyi Associates.

However, overall sales fell 4% and iPhone sales fell 10% year over year during the quarter, which Apple attributed to a tough comparison versus last year.

Apple did not provide formal guidance, but Apple CEO Tim Cook told CNBC's Steve Kovach that overall sales would grow in the "low single digits" during the June quarter.  

Apple posted $81.8 billion in revenue during the year-ago June quarter and LSEG analysts were looking for a forecast of $83.23 billion.  

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