Microsoft approves new $60 billion share buyback program Reuters

(Reuters) – Microsoft said on Monday its board approved a new share buyback program of up to $60 billion.

The tech giant declared a quarterly dividend of $0.83 per share, reflecting an increase of 8 cents, or 10%, from the previous quarter.

Microsoft (NASDAQ:) said it will hold its annual shareholder meeting on December 10.

In July, the company said it would spend more this fiscal year on AI infrastructure. It reported a 77.6% increase in capital spending in the quarter ended June 30, largely due to AI-related spending.

The company reported a slowdown in growth in its Azure cloud business in the reported quarter, but said growth would accelerate in the second half of fiscal 2025.

Big tech companies, including Microsoft and Alphabet’s (NASDAQ: ) Google, are facing pressure from investors to show a return on the billions of dollars they’ve invested in AI infrastructure.

Microsoft is one of the few big companies to factor AI contributions into their quarterly earnings, as most firms have yet to see a big boost from AI investments.

Last month, it restructured the way it reports results for its business units, shifting some of its search and news advertising revenue under its Azure cloud-computing unit.

Among other big tech companies, Apple (NASDAQ: ) unveiled a record $110 billion share buyback program in May after reporting upbeat quarterly results.

Microsoft shares rose marginally in aftermarket trade. The stock is up about 15% this year.