iPad to iPay: Apple to Start Paying Dividend, Buy Back Shares

Thanks to the success of the iPod, iPad and their other devices, Apple will begin a new program: iPay – giving money back to their shareholders through a dividend and buy-back program.

FOX News Radio’s Jared Halpern has details:

Apple is sitting on nearly $100 billion in cash and securities. ?Now, shareholders will see some of that profit.

(Cook) “We also believe it will broaden Apple’s investor base by attracting new investors who don’t currently own Apple stock.”

CEO Tim Cook says the quarterly dividend program will start at $2.65 a share. ?Apple, also launching a $10 billion share buy-back program next fiscal year.

Apple stock is trading around $600 a share.

Jared Halpern, FOX News Radio.