Apple Pays It Forward

Apple is no longer quite the titan it was five years ago, when its every move drove not only the high-tech world but the stock market as well. But even in the post-Jobs era, it is still the largest company (by market cap) in the world, and its decisions are closely watched. 

Yesterday’s earnings report was no exception. In addition to beating the Wall Street consensus on both sales and earnings, the company made several other announcements:

• The stock, which had been trading at a little over $500 a share, will split seven for one.
• Apple will buy back an additional $30 billion of its own shares, raising the current plan to $90 billion.
• The stock’s dividend was raised to $3.29 a share, or about $11 billion a year in dividends.

Apple has a reported $160 billion in cash on hand, the most of any American corporation. It’s good to see them putting that money to some use.