Alongside its earnings report, Apple today also announced a 7-1 stock split for shareholders who own Apple shares as of the close of business on June 2, 2014. Apple's new split-adjusted share price will begin trading on June 9, 2014.
Over and above that, Apple today also announced an increase to its quarterly dividend by 8% to $3.29 per share. Naturally, Apple also expressed plans to expand he scope of its capital return program to over $130 billion, with the majority of those funds set to be used for repurchasing shares.
To assist in funding the program, the Company expects to access the public debt markets during 2014, both domestically and internationally, for an amount of term debt similar to what the Company raised during 2013. The management team and the Board of Directors will continue to review each element of the capital return program regularly.
"We are announcing a significant increase to our capital return program," said Tim Cook, Apple's CEO. "We're confident in Apple's future and see tremendous value in Apple's stock, so we're continuing to allocate the majority of our program to share repurchases. We're also happy to be increasing our dividend for the second time in less than two years."
In after-hours trading, shares of Apple are now up nearly 40 points.
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