Apple's quarterly results and forecast beat modest expectations on Thursday, as the iPhone-maker unveiled a record share buyback program, sending its stock up almost 7% in extended trade.

Apple increased its cash dividend by 4% and authorized an additional program to buy back $110 billion of stock. The buyback is the largest in the company's history, according to analyst Thomas Monteiro.

Apple's quarterly revenue fell, but less than analysts had expected, and CEO Tim Cook said revenue growth would return in the current quarter.