Apple increases stock buyback, raises dividend

CUPERTINO, Calif. (AP) — Apple plans to buy back an additional $30 billion of its stock and raise its quarterly dividend by 8 percent amid a slowdown in revenue growth.

The commitment announced Wednesday as part of Apple's fiscal second-quarter earnings report expands on the company's previous pledge to spend $60 billion on stock buybacks by the end of next year. The company is now earmarking $90 billion for buybacks during that time frame.

Apple Inc. also is raising its quarterly dividend to $3.29 per share as part its effort to funnel more money to stockholders.

The slowdown in revenue growth has prompted investors to wonder whether the company has lost its innovative power since the death of Steve Jobs. The buybacks will increase the price of remaining shares because there are fewer outstanding.