Washington, Sep 19 : The US technology giant, Microsoft Corporation, has announced that it plans to repurchase $40 billion worth of company shares, as well as to increase its dividends.
"The [Microsoft] board of directors ... approved a new share repurchase program authorizing up to $40 billion in share repurchases. The new share repurchase program, which has no expiration date, may be terminated at any time," the company said in its press release on Wednesday.
The company's quarterly dividends will increase to $0.51 per share, which is an 11 percent increase over the previous quarter's dividends and will be payable to shareholders as of December 12.
The technology giant also announced December 4 as the date for the next annual shareholders' meeting.
Microsoft's repurchase announcement marked the third time the company has authorized such a major buyback plan, with the previous times having been in 2013 and 2016.
Microsoft is now the largest publicly traded company and has reported strong earnings growth from its cloud technologies. The company's shares have risen 36 percent this year. (UNI)