Software major Microsoft has announced $40 billion stock buyback and increased the dividend by 22 percent. Stock market analysts have termed the move as correct action for the software major. The company is also planning to put more effort in the mobile devices segment in coming years.
Microsoft stock was higher by one percent on Nasdaq and touched intraday high of $33.47 by the time of filing of this report. Microsoft stock is near its 52-week high of $36.43.
The company will repurchase shares worth $40 billion with no expiration date to the offer. Microsoft CEO Steve Ballmer recently announced his decision to retire within a year. Microsoft is hosting investor meeting this Thursday and investors are expected to press the company to replace Steve Ballmer earlier.
Microsoft recently purchased mobile devices business of Nokia recently to increase its footprint in mobile devices sector. The company has not been able to increase the sales of Microsoft Surface Tablet. Surface tablet has not been able to compete with Apple iPad as Microsoft’s platform offer less number of apps. The company has also tried to compete with Google in online search market, but has not been able to increase its market share.
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