Microsoft said on Monday that its board of directors have approved a shares buyback programme of up to $60 billion as well as an increased quarterly dividend of $0.83 per share, up 10 per cent (8 cents) over the previous quarter.
The dividend is payable on 12 December, 2024, to shareholders of record on 21 November. The ex-dividend date will be 21 November.
The new share repurchase programme, which has no expiration date, may be terminated at any time.
Shares of Microsoft, which have increased 15 per cent since the start of this year, rose marginally by 0.7 per cent in after-hours to $431.34.
Microsoft is under pressure from investors to show tangible results for the billions of dollars it has been spending on artificial intelligence (AI).
The company reported a slowdown in growth at its Azure cloud business in the reported quarter but said growth would accelerate in the second half of fiscal 2025.
Only two companies have announced bigger share buyback programmes – Appleās record $110 billion repurchase plan in May this year, and Alphabetās $70 billion plan in April.
The company also said that the 2024 Annual Shareholders Meeting will be held on 10 December, 2024. This yearās annual shareholders meeting will be held virtually and hosted by Satya Nadella, chairman and chief executive officer, along with senior management executives Amy Hood, Brad Smith and Sandra Peterson.
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