NEW YORK — Apple is opening the doors to its bank vault, saying it will distribute $100 billion in cash to its shareholders over two years. At the same time, the company said it expects sales for the current quarter to fall from the year before, which would be the first decline in many years.
Apple Inc. on Tuesday said it will buy back $60 billion in shares — the largest buyback authorization in history. It is also raising its dividend by 15 percent.
Investors have been clamoring for Apple to give them access to its cash hoard, which ended March at an unprecedented $145 billion.
News of the cash bonanza coincided with the company’s release of a poor quarterly outlook for the three-month period that ends in June.
Apple posted results for its latest quarter that beat expectations, though it posted its first profit decline in 10 years.
Net income was $9.5 billion, or $10.09 per share, down 18 percent from $11.6 billion, or $12.30 per share, in the same period a year ago.
Revenue was $43.6 billion, up 11 percent from last year’s $39.2 billion.
Analysts were expecting earnings of $9.97 per share on revenue of $42.3 billion, according to FactSet.