Cupertino has revealed that it is going to pay $2.65/share in quarterly dividends starting from July 1, which is Apple’s fourth quarter. The company also plans to buy back nearly $10 billion worth of stocks starting September 30. The dividends and buy back is going to cost Apple a total of $45 billion over three years.

Tim Cook’s decision to part with some of the cash and pay dividends to shareholders marks the significant change from that of Steve Jobs. Analysts say that Tim Cook is lending his ears to investors unlike his predecessor. “He’s meeting with investors, and that’s something that Steve Jobs didn’t do,” said Toni Sacconaghi, analyst at Sanford C. Bernstein.

As soon as the announcement was made Apple stocks surged by 2.7 per cent taking Apple’s share prices above the $600 mark closing at $601.10.

Apple’s dividend would cost the company a whopping $9.9 billion making it second just to that of AT&T which stood at $10.4 billion. Tim Cook believes that iPhone and iPad sales are yet to see new heights and Apple has strong potential of growth in years to come.