Apple announced to use the huge cash to pay a dividend to the shareholders on Monday. The Apple stock price edged up $15.53, or 2.65%, to close at $601.10, exceeding the $600 mark for the first time. Apple stock price gained 0.57% in the after-hours trading. The company commanded a market value of $560 billion, hitting a new high and surpassing Exxon Mobil’s (XOM) market capitalization which is the world’s second largest more than $150 billion.
Apple will pay a dividend of $2.65 per share in the fourth quarter by the end of September, fiscal year 2012. In addition, Apple will repurchase $10 billion shares within three years begins at the next fiscal year.