Microsoft unveils share buyback of up to $60 billion

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The redemption authorization has no expiration date and can be terminated at any time.

Bloomberg |

POSTED ON SEPTEMBER 15, 2021 5:08 AM IST

Microsoft Corp., the world’s largest software maker, has named president and general counsel Brad Smith as vice president and unveiled a new share buyback program of up to $ 60 billion.

Smith, who joined Microsoft in 1993, will continue to report to CEO Satya Nadella, the Redmond, Washington-based company said in a statement on Tuesday. Microsoft also increased its quarterly dividend from 6 cents to 62 cents per share.

The redemption authorization has no expiration date and can be terminated at any time. The company’s shares rose 35% in 2021 and its market capitalization exceeds $ 2.2 trillion, making it the second most valued publicly traded company. Microsoft’s previous buyout plan, unveiled in September 2019, was $ 40 billion.

The company had $ 130.3 billion in cash and cash equivalents at the end of June, according to data compiled by Bloomberg.

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