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Apple's tax break yields big dividend boost, stock buybacks

FILE - In this Friday, Oct. 20, 2017, file photo, people stand in line near an Apple Store at an outdoor shopping mall in Beijing, China. (AP Photo/Mark Schiefelbein, File)

SAN JOSE, Calif. (AP) - Apple's tax break on its overseas profits is turning into a big boon for its shareholders.

The iPhone maker is raising its quarterly dividend by 16 percent to 73 cents per share, matching the largest increase since Apple restored the payment under shareholder pressure six years ago.

Apple also will spend $100 billion more buying back its stock, a move that will enrich shareholders by helping to drive up the company's stock price.

Tuesday's announcement marks the first time that Apple has provided a glimpse into how much its shareholders will benefit from a sweeping overhaul of the U.S. tax code championed by President Donald Trump and approved by Congress late last year.

The news in Apple's latest quarterly performance wasn't as positive as iPhone sales fell below analyst estimates.

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