FILE - In this Dec. 23, 2013 file photo, a woman using a phone walks past Apple's logo near its retail outlet in Beijing. Apple reports quarterly earnings on Wednesday, April 23, 2014. (AP Photo/Ng Han Guan, File)
April 23, 2014 - 1:35 PM
CUPERTINO, Calif. - Apple plans to buy back an additional $30 billion of its stock and raise its quarterly dividend by 8 per cent amid a slowdown in revenue growth.
The commitment announced Wednesday as part of Apple's fiscal second-quarter earnings report expands on the company's previous pledge to spend $60 billion on stock buybacks by the end of next year. The company is now earmarking $90 billion for buybacks during that time frame.
Apple Inc. also is raising its quarterly dividend to $3.29 per share as part its effort to funnel more money to stockholders.
The slowdown in revenue growth has prompted investors to wonder whether the company has lost its innovative power since the death of Steve Jobs. The buybacks will increase the price of remaining shares because there are fewer outstanding.
News from © The Associated Press, 2014