Apple today released its Q2 financial results and among other news for investors, Apple’s CFO Luca Maestri announced that the company’s board has “approved a new $100 billion share repurchase authorization and a 16 percent increase in our quarterly dividend”:
Our business performed extremely well during the March quarter, as we grew earnings per share by 30 percent and generated over $15 billion in operating cash flow. With the greater flexibility we now have from access to our global cash, we can more efficiently invest in our US operations and work toward a more optimal capital structure.
Share repurchasing is when a company elects to buy back some of its own shares from the stock marketplace, lowering the amount of outstanding shares.
What’s more, the company plans to complete the execution of the previous $210 billion share repurchase authorization during the third fiscal quarter.
In addition to the repurchase authorization announcement, Apple posted quarterly revenue of $61.1 billion, an increase of 16 percent from last year’s Q2.
For more information on Apple’s Q2 earnings, you can listen to the earnings call live here or check out the company’s press release here.