NEW YORK – Apple is finally opening the doors to its bank vault, saying it will distribute $100 billion in cash to its shareholders over two years.
Apple said it will buy back $60 billion in shares – the largest buyback authorization in history. It is also raising its dividend by 15 percent.
Investors have been clamoring for Apple to give them access to its cash hoard of $145 billion. Apple’s tight grip on its cash has been blamed for the steep decline in its stock price over the winter.
Apple posted results for its latest quarter that beat expectations, though net income fell 18 percent to $9.5 billion, and revenue rose a modest 11 percent from last year to $43.6 billion. Both figures beat expectations.