Former Secretary of State Donald Rumsfeld is now an iPhone developer

Former Secretary of State Donald Rumsfeld, one of the key individuals responsible for the wars in Afghanistan and Iraq, is now an iPhone game developer. His first app, though, doesn’t boast his name, but British prime minister Winston Churchill’s. Even weirder? It’s a solitaire game. Churchill Solitaire bills itself as “the most diabolical version of […]

(via Cult of Mac – Tech and culture through an Apple lens)


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Tim Cook: Declining AAPL Price Over Past Few Quarters Has Been Very Frustrating

Apple just released its Q2 2013 Financial results, and even though Apple beat its own estimates, Tim Cook started the Quarterly Financial Call on the defensive.

Cook started the call by explaining how exceptional Apple’s 2012 financial results were for Apple, so it’s hard for the company to improve sales this quarter. Then Cook commented on Apple’s struggling stock price by saying he’s “very frustrated” with the stock’s declining value the last few quarters, but they’re staying focused on the future.

Hoping to appease investors, Apple announced today that it will payback $100 billion to investors by 2015. Apple has yet to release a major product in 2013, but Cook reassured investors that Apple can’t wait to release new hardware and software this Fall and throughout 2014.

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Apple Says It Will Return $100 Billion To Investors By The End Of 2015

Along with posting its Q2 2013 Financial Results, Apple also announced today it will double the Capital Return Program that has been paying dividends back to investors since it began last year.

Apple says it will use a total of $100 billion of cash under the calendar program until the end of 2015. Along with increasing the stock buyback, Apple’s Board approved a 15% increase in the quarterly dividend to pay $3.05 per common share.

Here’s the full press release:

CUPERTINO, California—April 23, 2013—Apple® today announced that its Board of Directors has authorized a significant increase to the Company’s program to return capital to shareholders. The Company expects to utilize a total of $100 billion of cash under the expanded program by the end of calendar 2015. This represents a $55 billion increase to the program announced last year and translates to an average rate of $30 billion per year from the time of the first dividend payment in August 2012 through December 2015.

As part of this program, the Board has increased its share repurchase authorization to $60 billion from the $10 billion level announced last year. This is the largest single share repurchase authorization in history and is expected to be executed by the end of calendar 2015. Apple also expects to utilize about $1 billion annually to net-share-settle vesting restricted stock units.

Additionally, the Board has approved a 15% increase in the Company’s quarterly dividend and today has declared a dividend of $3.05 per common share, payable on May 16, 2013 to shareholders of record as of the close of business on May 13, 2013. Apple is among the largest dividend payers in the world, with annual payments of about $11 billion.

In conjunction with the expanded return of capital program, the Company plans to borrow and expects to announce more details about this in the near future.

The management team and Board of Directors will continue to review each element of the capital return program on an annual basis.

“We are very fortunate to be in a position to more than double the size of the capital return program we announced last year,” said Tim Cook, Apple’s CEO. “We believe so strongly that repurchasing our shares represents an attractive use of our capital that we have dedicated the vast majority of the increase in our capital return program to share repurchases.”

“We will continue to return capital to shareholders through dividends, share repurchases, and cash used to net-share-settle vesting RSUs,” said Peter Oppenheimer, Apple’s CFO. “We continue to generate cash in excess of our needs to operate the business, invest in our future, and maintain flexibility to take advantage of strategic opportunities.”

Source: Apple

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