American technology company Microsoft Corp has announced a share buyback program worth up to $60 billion, while raising its quarterly dividend by 11%.
The tech giant said the buyback program has no expiration date and may be terminated at any time, and that it would pay a dividend of $0.62 per share – 6 cents over the previous quarter.
Microsoft has stepped up its share buyback programs in the past decade, announcing such programs every three years since 2013.
For instance, the companyin 2013 and 2016 initiated $40 billion share buyback programs.
The new program comes toward the end of a similar 2019 $40 billion program. Microsoft has already spent $23 billion from that program this year and has $8.7 billion remaining.