Apple plans historic stock buyback

(CNN)– Apple is facing some growing pains and it’s making a historic move to make it through.

The company has announced a $110 billion share buyback, the largest in its history.

Also on Thursday, Apple posted a first-quarter revenue of nearly $91 billion that’s down 4% year over year.

The iPhone makers are struggling with growth challenges, particularly in China, amid an uncertain economic environment.

Apple says iPhone sales have sunk by 10%.