Apple (AAPL) will raise its quarterly dividend by 15.9 percent to $0.73 per share in the second quarter of 2018. The Iphone maker has now raised its dividend for 6 consecutive years.

The next dividend is payable on May 17, 2018 to shareholders of record as of the close of business on May 14, 2018. Apple currently yields 1.7% based on the new annual dividend of $2.92 per share.

“Our business performed extremely well during the March quarter, as we grew earnings per share by 30 percent and generated over $15 billion in operating cash flow,” said Luca Maestri, Apple’s CFO. “With the greater flexibility we now have from access to our global cash, we can more efficiently invest in our US operations and work toward a more optimal capital structure. Given our confidence in Apple’s future, we are very happy to announce that our Board has approved a new $100 billion share repurchase authorization and a 16 percent increase in our quarterly dividend.”

Apple Inc. designs, manufactures and markets mobile communication and media devices and personal computers, and sells a variety of related software, services, accessories and third-party digital content and applications. The company’s products and services include iPhone, iPad, Mac, Apple Watch, AirPods, Apple TV, HomePod, iCloud and Apple Pay. Apple is a California corporation established in 1977 as Apple Computer, Inc.  The company's segments include the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Apple, formerly Apple Computer, suspended its dividend in 1996 and reinstated a quarterly payment in 2012.