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Apple Announces Dividend and Share Repurchase Program

Apple announced plans to initiate a dividend today. Apple will also launch a share repurchase program starting later this year. Apple plans to initiate a quarterly dividend of $2.65 per share sometime in the fourth quarter of its fiscal 2012, which begins on July 1, 2012.

Tim Cook, Apple's CEO, said in a statement, "We have used some of our cash to make great investments in our business through increased research and development, acquisitions, new retail store openings, strategic prepayments and capital expenditures in our supply chain, and building out our infrastructure. You'll see more of all of these in the future. Even with these investments, we can maintain a war chest for strategic opportunities and have plenty of cash to run our business. So we are going to initiate a dividend and share repurchase program."

The Wall Street Journal reports that the news has already pushed up Apple's shares over 2%. The WSJ also says there is conflicting news about sales of the latest iPad. Take a look:











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