REDMOND, Wash. (AP) -- Microsoft says its board has approved a 22 percent increase in the company's quarterly dividend to 28 cents along with a new $40 billion stock buyback program.
The new dividend represents an increase of 5 cents over Microsoft's previous dividend. It will be paid on Dec. 12 to shareholders of record as of Nov. 21.
The new stock buyback program has no expiration date and replaces the company's previous $40 billion stock buyback program that was set to expire on Sept. 30.
Shares of Redmond, Wash.-based Microsoft Corp. are up about 2 percent in premarket trading to $33.36 per share.