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Apple Announces $100 Billion Share Buyback After Beating Profit Expectations

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Apple has announced a new $100 billion buyback program and is increasing its quarterly dividend after exceeding analyst expectations in its second quarter.

The company said during a quarterly earnings report that it would spend $100 billion to buy back its stock, in a new program that will return money to investors as Apple stock price goes up. Apple will also raise its quarterly dividend by 16% to 73 cents per share in its largest jump in six years, the Associated Press reports.

Apple is set to buy back stock starting in the June quarter, and said it had bought back $23.5 billion of stock during the March quarter, Reuters reports.

Revenue for Apple’s March quarter stood at about $61.1 billion, an increase from $52.9 billion last year, according to Reuters. The company, which was expected to earn $60.8 billion, sold 52.2 million iPhones, falling just shy of the projected 52.3 million iPhones.

Apple stock, which had recently fallen due to widespread concern about demand for the iPhone X, shot up 3% in extended trading hours after closing at nearly $170.

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Write to Mahita Gajanan at mahita.gajanan@time.com