Apple Makes Plans To Offer Dividend, Buy Back Stock
March 19, 2012 at 6:34 AM (PT)
Much has been made about APPLE's stockpile of $97.1 billion in cash -- and now we know what the company plans to do with some of it.APPLE announced TODAY that it will begin giving shareholders a quarterly dividend of $2.65 per share sometime during the fourth quarter, which begins in JULY.
The company also announced it will buy back $10 billion of its own shares over three years, beginning in OCTOBER.
"We have used some of our cash to make great investments in our business through increased research and development, acquisitions, new retail store openings, strategic prepayments and capital expenditures in our supply chain, and building out our infrastructure," said APPLE CEO TIM COOK in a statement. "Even with these investments, we can maintain a war chest for strategic opportunities and have plenty of cash to run our business. So we are going to initiate a dividend and share repurchase program."