NEW YORK (
(AAPL - Get Report)
announced Monday that it will pay a dividend and buy back shares as investors clamored for a return of its near $100 billion cash hoard.
Apple said it would spend $10 billion on a share-repurchase program and initiate a quarterly dividend of $2.65 per share. The Cupertino, Calif.-based company said it expects to spend $45 billion over the next three years.
Follow our blog on the announcement.
The dividend would begin "sometime in the fourth quarter of its fiscal 2012," according to a press release by the company.
The buyback will start in fiscal 2013, which commences on Sept. 30, 2012.
"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," said Tim Cook, Apple's CEO, in the company press release. "Even with these investments, we can maintain a war chest for strategic opportunities and have plenty of cash to run our business. So we are going to initiate a dividend and share repurchase program."
"Combining dividends, share repurchases, and cash used to net-share-settle vesting RSUs, we anticipate utilizing approximately $45 billion of domestic cash in the first three years of our programs," said Peter Oppenheimer, Apple's CFO. "We are extremely confident in our future and see tremendous opportunities ahead."
Interested in more on Apple? See TheStreet Ratings' report card for
Check out our new tech blog,
. Follow TheStreet Tech
on your wireless devices
Written by Chris Ciaccia in New York
>To follow the writer on Twitter, go to
>To submit a news tip, send an email to:
Updated from 11:39 a.m. EST to provide executive comments regarding fourth quarter guidance in the second paragraph.