Wednesday, September 21, 2016
Microsoft is planning to buy back almost 10% of itself
Microsoft is buying back a whole bunch of itself.
The tech behemoth said on Tuesday that it has authorized a $40 billion share buyback program, according to a release from the company. With the market cap ending trading on Tuesday at roughly $440 billion, this means the firm is buying back just over 9% of the outstanding shares.
This is the fourth $40 billion buyback program for Microsoft, and the company said it will complete the first round by the end of 2016.
Microsoft also said it was raising its dividend by $0.03 per share, to $0.39 per share, for the quarter.
Following the announcement, shares of Microsoft ticked up 1.21% in after-market trading, to $57.50 per share.