Tuesday, Jun 2, 2015Tuesday, Jun 2, 2015

Apple expands buybacks by $37.8b, approves 7-for-1 stock split

Published on Apr 24, 2014 9:48 AM

SAN FRANCISCO (Reuters) - Apple has approved another US$30 billion (S$37.8 billion) in share buybacks till the end of 2015 and authorized a rarely seen seven-for-one stock split, addressing calls to share more of its cash hoard while broadening the stock's appeal to individual investors.

The company also approved a roughly 8 per cent increase in its quarterly dividend to US$3.29 per share.

Activist investor Carl Icahn, who had famously called on the iPhone maker to boost its buyback program, tweeted his approval of the move on Wednesday.

Shares of the company, which have remain mired around the US$500 to US$550 range since the start of the year, jumped 7 per cent to US$561.51 in after-hours trade.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!