Microsoft unveils $40 bn share repurchase plan!

Los Angeles: US software giant Microsoft on Wednesday said its board of directors has approved a new share repurchase programme authorising share buybacks totalling up to $40 billion.
The board also declared a quarterly dividend of 0.51 dollars per share, reflecting a 5 cent or 11 per cent increase over the previous quarter’s dividend, according to a statement.
In addition, the company announced it would hold its annual shareholders meeting in a virtual format on December 4 this year. “A virtual meeting format provides a consistent experience to all shareholders regardless of location, as well as the opportunity for global, multilingual and interactive access to a dialogue with its senior executives and directors,” Microsoft said.The board previously authorised stock buybacks in 2013 and 2016,according to the Wall Street Journal. The new share repurchase programme, which has no expiration date, maybe terminated at any time, according to Microsoft.
Microsoft is one of only three US companies to have reached a market valuation of 1 trillion dollars. The others are online retail giant Amazon and tech innovator Apple. — dpa