Tech giant Apple posted quarterly revenue of $94.8 billion, a year-over-year slip of 3 percent.
Despite the dip in revenue, the report beat market expectations as revenue from the iPhone rose 2 percent. However, sales from the company's wearables division dipped, according to a May 4 Apple financial report.
Apple has pushed to expand its wearable technology into healthcare. New York City-based Mount Sinai researchers recently used the Apple Watch to identify patient well-being.
"Our year-over-year business performance improved compared to the December quarter, and we generated strong operating cash flow of $28.6 billion while returning over $23 billion to shareholders during the quarter," Apple CFO Luca Maestri said in the release. "Given our confidence in Apple's future and the value we see in our stock, our board has authorized an additional $90 billion for share repurchases. We are also raising our quarterly dividend for the 11th year in a row."