Apple yesterday outlined plans to pay its first dividend in 17 years as the US technology group, sitting on a cash pile estimated to exceed $100bn, conceded it could not return cash to shareholders as quickly as it was generating it.
America’s biggest company by market value promised to return about $45bn to shareholders over the next three years, including $10bn to be spent buying back shares. But the payments are unlikely to prevent the further growth of its cash mountain, which grew $38bn last year alone.
Apple executives indicated that they had limited the scale of the shareholder payout because the company would have faced an extra US tax liability if it had dug into the $65bn of cash and investments held outside the country.
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