Microsoft announces $40B buyback, dividend hike
(Photo: Elaine Thompson AP)
Shares of Microsoft have jumped nearly 2% after the company announced a new share repurchase program worth $40 billion.
In a statement released Tuesday, Microsoft says it will also boost its quarterly dividend to 28 cents per share, a 22% increase. The dividend will be payable to shareholders on Nov. 21.
"These actions reflect a continued commitment to returning cash to our shareholders," said Amy Hood, chief financial officer of Microsoft, in a statement.
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The share repurchase program replaces an earlier one that was set to expire on Sept. 30.
The program arrives as Microsoft wraps a busy summer, which included a major structural reorganization, the upcoming retirement of CEO Steve Ballmer, and the acquisition of Nokia's handset business for $7.2 billion.
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