Redmond (California), Sep 19 (IANS) Microsoft`s board of directors has authorized another $40 billion in share repurchases and raised its quarterly dividend by 5 cents or 11 per cent to 51 cents a share. The company bought back $19.54 billion in shares last year. In the previous fiscal year, the buybacks was worth $10.72 billion - all under CEO Satya Nadella's tenure.

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"The new share repurchase programme, which has no expiration date, may be terminated at any time. The dividend is payable on December 12 to shareholders of record on November 21, 2019. The ex-dividend date will be November 20, 2019," the company said in a statement late Wednesday.

In addition, the company announced the date for the 2019 annual shareholders meeting, to be held on December 4, 2019.

This year`s annual shareholders meeting will be held virtually and hosted by Nadella, Amy Hood, chief financial officer, Brad Smith, President and chief legal officer and John W. Thompson, Microsoft independent board chair.

Driven by growth in its Cloud and Surface laptop segments, Microsoft posted revenue of $33.7 billion and net income of $13.2 billion for its fourth quarter that ended on June 30.

For its entire fiscal year 2019, Microsoft reported revenue of $125.8 billion which increased 14 per cent and $39.2 billion net income - setting a new record fiscal year for the company.

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Microsoft that continues to be valued as a $1 trillion company returned $7.7 billion to shareholders in the form of share repurchases and dividends in the fourth quarter of fiscal year 2019.