Apple is finally putting its cash hoard to work, introducing a quarterly dividend of $2.65 per share and starting a $10 billion share buyback program.
Apple says the dividend will start in its fiscal fourth quarter, which begins July 1. The buybacks will begin in its next fiscal year, which starts Sept. 30.
Apple is sitting on $97.6 billion in cash and securities. For years, it has resisted calls to reward shareholders with some of that money. Since the death of CEO Steve Jobs, management has signaled that it's been considering options for the money.
The expectation of a dividend has already helped send the stock up 37 percent since Apple's latest earnings report. In pre-market trading, the shares touched a record level of $600.23, up 2.5 percent from Friday's close.
Copyright 2015 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.