Apple said on Monday that it plans to spend $45 billion of its $98 billion cash hoard – a record for a public company – over three years to offer a $2.65 a share quarterly dividend and launch a $10 billion repurchase program, according to CNBC.
The maker of iPads, iPods and the iPhone will launch its share buyback program starting in 2013.
Analysts believe the lack of a dividend or other use for the cash has held down Apple's share price. The company had ceased paying dividends in 1995. Apple issued an unusal alert Sunday evening saying it planned to make the Monday announcement.
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