CUPERTINO — Apple announced plans to buy back up to $110 billion in shares of its stock and also boost its dividend.
The company last week reported financial results for its fiscal 2024 second quarter ended March 30, 2024. In the second quarter, revenue was $90.8 billion, down 4 percent year over year, and quarterly earnings per diluted share of $1.53.
“Thanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter,” said Luca Maestri, Apple’s CFO. “Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row.”
Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock, an increase of 4 percent. The dividend is payable on May 16, 2024 to shareholders of record as of the close of business on May 13, 2024. The board of directors has also authorized an additional program to repurchase up to $110 billion of the Company’s common stock.
