Microsoft plans $40 billion in stock buybacks

[The Associated Press]

Microsoft plans $40 billion in stock buybacks
by The Associated Press
Monday September 22, 2008, 9:23 AM
Software giant Microsoft today announced it will buy back as much as $40 billion of its shares.

The program expires Sept. 30, 2013. As of July 28, the Redmond, Wash. company had about 9.13 billion shares outstanding, according to a regulatory filing.


The company said it has completed its previous $40 billion stock repurchase program.

Microsoft also raised its quarterly dividend to 13 cents from 11 cents. The dividend is payable Dec. 11 to shareholders of record on Nov. 20.

Shares rose $1.22, or 4.9 percent, to $26.38 in premarket trading.