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.

Along with the 10% drop in iPhone sales, the corporation also announced the largest share purchase in its history, worth $110 billion. The decline indicates a lackluster reception for Apple’s September release of the iPhone 15 series.

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.

Tim Cook, the CEO, hinted that the company will be releasing more about its vision for generative AI in the “weeks ahead” while focusing mostly on the positive aspects of the most recent period during an earnings call.