Outside an Apple Store in San Francisco.
(Photo: Russel A. Daniels, AP file)
NEW YORK (AP) - Apple is opening the doors to its bank vault, saying it will distribute $100 billion in cash to its shareholders over the next two years.
Apple says it will buy back $60 billion in shares - the largest buyback authorization in history. It is also raising its dividend by 15 percent.
Investors have been clamoring for Apple to give them access to its cash hoard of $145 billion. Apple's tight grip on its cash has been blamed for the steep decline in its stock price over the winter.
Apple CEO Tim Cook calls the drop in share prices "frustrating" and says the company's "incredibly strong" results last year are "making comparisons very difficult."
At the same time, Cook suggests the company won't release any new products until the fall, contrary to expectations that there would be a new iPhone and iPads out this summer.
While Apple's financial results for the quarter beat expectations, it posted its first profit decline in a decade, with net income falling 18 percent to $9.5 billion, and revenue rising a modest 11 percent from last year to $43.6 billion.