TECH

Apple: Tim Cook Announces Stock Buyback And Dividend Worth $45bn

03/19/2012 02:49 pm 14:49:25 | Updated 19 May 2012

Apple has announced how it will use some of its massive $100bn cash stockpile - and it isn't buying everyone in the UK three iPads.

The company, whose stocks have risen 50% in 12 months, will pay a dividend of $2.65 per share in the fourth quarter of 2012, starting in July, for the first time since 1995.

Apple will also purchase $10bn worth of stock over three years starting 30 September.

Apple CEO Tim Cook said: "We have used some of our cash to make great investments in our business through increased research and development, acquisitions, new retail store openings, strategic prepayments and capital expenditures in our supply chain, and building out our infrastructure.

"You’ll see more of all of these in the future. Even with these investments, we can maintain a war chest for strategic opportunities and have plenty of cash to run our business."

While the announcement was focused on the financial matters, Cook did say that Apple had a "record" weekend and was "thrilled" after the launch of the new iPad.

He added that Apple is confident it still has room to grow in the PC market.

Cook said: "We have less than six percent market share in the PC market. We are building a tremendous ecosystem. iCloud has over 100m users already."

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