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In addition to revealing earnings for the second quarter of 2024, Apple also announced that it is increasing the dividend paid to shareholders by 4%, and also repurchases more shares under a single program than ever before.
In his quarterly earnings report, Apple CFO Luca Maestri cited “very high levels of customer satisfaction and loyalty” as the reason for the largest share buyback in the company's history.
“Given our confidence in Apple's future and the value we see in our shares,” he said in a statement, “our board of directors has authorized an additional $110 billion in share repurchases.”
“We have also increased our quarterly dividend for the twelfth year in a row,” he continued.
A 4% increase in cash dividends on Apple common stock means an increase to $0.25 per share. Shareholders holding shares as of May 13, 2024 will receive the dividend three days later, on May 16.
Apple has been trending lately to buy back about $90 billion worth of its stock each time. This is exactly what she did in May 2023, and before that in April 2022.
From 2012 to the end of 2022, Apple spent more than $572 billion on share repurchase programs. In 2019, Tim Cook revealed that it was investor Warren Buffett who taught him and Steve Jobs the value of stock buybacks.
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