SAN FRANCISCO—Intel Corp.'s board of directors increased the amount of money that the company is authorized to spend buying back its shares by $10 billion, increasing the overall outstanding stock buyback authorization to $14.2 billion, the company said Monday (Jan. 24).
Intel (Santa Clara, Calif.) also said its board of directors declared an $18.12 per share quarterly dividend, reflecting the previously announced 15 percent increase from the fourth quarter of 2010.
"In 2010, Intel achieved its best and most profitable year ever," said Paul Otellini, Intel president and CEO, in a statement. "Today’s announcement signals confidence in our fundamental business strategies both today and looking forward, allowing us to return more cash to shareholders."
Intel began paying a cash dividend in 1992 and has paid out approximately $21 billion to its shareholders in dividends, according to the company. Intel cash dividends paid during 2010 totaled approximately $3.5 billion, the company said.
Since Intel's stock buyback program began in 1990, Intel has repurchased approximately 3.4 billion shares at a cost of approximately $70 billion, Intel said. Taken together since their inception, Intel’s dividends and stock buyback program have returned approximately $91 billion to shareholders, according to the company.