Sept 16 (Askume) – Microsoft Corp (MSFT.O) said on Monday its board of directors had approved a new stock buyback programme worth up to $60 billion.
The tech giant declared a quarterly dividend of $0.83 per share, an increase of 8 cents, or 10%, from the previous quarter.
Microsoft said it will hold its annual shareholder meeting on Dec. 10.
In July, the company said it would invest more in artificial intelligence infrastructure this fiscal year. The company reported a 77.6% rise in capital expenditure in the quarter ended June 30, mainly due to artificial intelligence-related spending.
The company reported slow growth in its Azure cloud business this quarter, but said growth will accelerate in the second half of fiscal 2025.
Big tech companies, including Microsoft and Alphabet Inc’s Google, are under pressure from investors to show returns on billions of dollars invested in artificial intelligence infrastructure.
Microsoft is one of the few major companies to report AI contribution to quarterly earnings, as most companies have yet to see major increases in AI investments.
Last month, it restructured the way it reports results for its business units , shifting some of its search and news advertising revenue to its Azure cloud computing unit.
Among other big tech companies, Apple (AAPL.O) unveiled a record $110 billion stock repurchase program in May after reporting strong quarterly results .
Microsoft shares rose in after-market trading. The shares are up about 15% so far this year.
