NEW YORK (TheStreet) -- Apple (AAPL) - Get Report stock is retreating 6.47% to $97.60 in after-hours trading on Tuesday after the company reported lower-than-expected fiscal 2016 second quarter financial results.

The Cupertino, CA-based technology company reported earnings of $1.90 per share that fell short of estimates of $2 per share for the latest quarter.

Revenue declined 13% year over year to $50.56 billion, missing estimates of $51.97 billion for the quarter ended March 26.

Apple shipped 51.2 million iPhones during the quarter, while analysts were expecting 50.5 million units.

"Our team executed extremely well in the face of strong macroeconomic headwinds," CEO Tim Cook, said in a statement. "We are very happy with the continued strong growth in revenue from Services, thanks to the incredible strength of the Apple ecosystem and our growing base of over one billion active devices."

Additionally, Apple's board approved a 10% increase in the company's quarterly dividend. The dividend of 57 cents per share is payable on May 12 to shareholders of record as of May 9.

The company's board also agreed to increase the buyback program to $175 billion from $140 billion.

(Apple is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings with a free trial.)

Separately, Apple has a "buy" rating and a letter grade of A- at TheStreet Ratings because of the company's revenue growth, notable return on equity, expanding profit margins, increase in net income and growth in earnings per share.

You can view the full analysis from the report here: AAPL

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.