Microsoft Announces $40 Billion Buyback Program

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Microsoft announced that it will buy back $40 billion worth of its own shares and increase its quarterly dividend to 28 cents per share in an effort to reward investors amid ongoing challenges.

The software firm, among the ten largest companies by market capitalization, is revamping itself as it faces an uphill battle to capture market share in the mobile market. Steve Ballmer, the company’s CEO since 2000, said last month he plans to retire within the year, and the company announced earlier this month that it would buy Nokia‚Äôs phone business for $7.2 billion.

The buyout, which has no expiration date, is larger than most repurchase programs but smaller than a $50 billion plan announced by Apple in April, according to Bloomberg News.

[Bloomberg News]