Apple on Thursday forecast sales that beat expectations, even as it said it expected to continue to face chip supply constraints, sending shares up more than 3%. Apple executives said they expect sales growth of 14% to 17% in the current fiscal third quarter,

Apple’s revenue for the three months ended in March rose 17 percent from a year earlier to $111.2 billion.

The upbeat outlook and a fresh $100 billion share buyback offered reassurance to investors weighing Apple’s leadership transition amid intensifying competition in artificial intelligence.