Tech Giant Apple has recently announced that the company will be expanding its capital return program.
Its Board of Directors has authorized an increase of more than 50 percent to the Company’s program to return capital to shareholders. The Board had also increased its share repurchase authorization to $140 billion from the $90 billion level last year.
Under the expanded program, the company plans to utilize a cumulative total of $200 billion of cash by the end of March 2017.
“We believe Apple has a bright future ahead, and the unprecedented size of our capital return program reflects that strong confidence,” said Tim Cook, Apple’s CEO.
“While most of our program will focus on buying back shares, we know that the dividend is very important to many of our investors, so we’re raising it for the third time in less than three years.”