Apple Lifts Dividend; Board Approves $110 Billion in Share Buybacks

By Ben Glickman

Apple on Thursday lifted its quarterly dividend by about 4.2% and announced a $110 billion share-buyback program, despite the company facing slumping sales for its iPhones.

The tech company declared a dividend of 25 cents a share, up from the prior dividend of 24 cents.

The new payout, equal to $1 a year, represents an annual yield of 0.6% based on Apple stock's Thursday closing price of $173.03.

Chief Financial Officer Luca Maestri said the added $110 billion in share-repurchase authorization reflected the board's confidence in Apple's future and the value of its stock. He added that the company had raised its dividend for 12 straight years.

In the six months ended March 30, Apple bought back about $43.3 billion worth of common stock, according to results released Thursday.

Apple's revenue fell in the second quarter, facing continued weakness in iPhone sales and slumping demand in China.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

May 02, 2024 17:00 ET (21:00 GMT)

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