Kishore Rao asked Apple to tap its $76 bn cash pile to pay dividend
At a meeting with Apple finance chief Peter Oppenheimer, investor Kishore Rao asked the co to tap its billions in cash to pay a dividend.
By Bloomberg |
SAN FRANCISCO: At a meeting with Apple finance chief Peter Oppenheimer this year, investor Kishore Rao asked the company to tap its billions in cash to pay a dividend.
Oppenheimer had heard the request before and explained that Apple is keeping its powder dry for “strategic opportunities,” without elaborating on what those could be, Rao said.
Oppenheimer argued Apple has been a good steward of its cash and investments, currently worth $76.2 billion. The drumbeat to open that treasure chest may now grow louder following the death of Steve Jobs, Apple’s former chief executive officer.
Profit more than doubled to $7.31 billion in the third quarter, adding to Apple’s coffers. The stock has climbed 15% this year, defying a stock-market slump and concerns about Apple’s CEO succession.
With a valuation of $342.8 billion, Apple is almost 60%bigger than the second most valuable technology company, Microsoft.
Oppenheimer had heard the request before and explained that Apple is keeping its powder dry for “strategic opportunities,” without elaborating on what those could be, Rao said.
Oppenheimer argued Apple has been a good steward of its cash and investments, currently worth $76.2 billion. The drumbeat to open that treasure chest may now grow louder following the death of Steve Jobs, Apple’s former chief executive officer.
Profit more than doubled to $7.31 billion in the third quarter, adding to Apple’s coffers. The stock has climbed 15% this year, defying a stock-market slump and concerns about Apple’s CEO succession.
With a valuation of $342.8 billion, Apple is almost 60%bigger than the second most valuable technology company, Microsoft.
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