Tech Desk
Sep 17, 2024
Microsoft announced on September 16, 2024 (Monday) regarding the approval of its $60 stock buyback program of up to $60 billion. It further said that a quarterly dividend of $0.83 per share, indicated an 8 cent, or 10% elevation against the last quarter.
According to the tech giant, it will be convening the annual shareholders meeting on December 10 and stated that the company will splurge this fiscal year on artificial intelligence (AI) infrastructure and further suggested a 77.6% increase in capital spending by the end of June 30.
Read more: Nvidia stocks suffer record $279bn loss as Wall Street drops
Furthermore, it announced a deceleration in the growth of its Azure cloud business. However, in unveiling Microsoft's stock buyback, it stated that exponential growth is expected in the second half of fiscal 2025.
Other tech giants such as Google, and more are struggling from investor pressure to exhibit a payoff for billions of dollars that they have already invested in AI edifice.
Earlier, it reorganised the way its business units report results, progressing the search and news advertising revenue regarding the Azure cloud-computing unit.
Recently, Apple lifted a veil off of a record $110 billion share buyback program over a few months ago, following the upbeat quarterly results.
Microsoft sharply rose in aftermarket trade and stock has elevated to 15% this year.
