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Apple CEO leaves investors dangling on future dividend hike

Apple CEO Tim Cook shows the new Apple

Apple CEO Tim Cook shows the new Apple Watch Series 3 product at the Steve Jobs Theater in Cupertino, Calif., on Sept. 12, 2017. Photo Credit: AP / Marcio Jose Sanchez

CUPERTINO, Calif. - Apple CEO Tim Cook is leaving shareholders in suspense about whether the iPhone maker will use its windfall from a tax cut on overseas profits for a big boost to its quarterly dividend.

A stockholder attending Apple's annual meeting Tuesday asked if Apple might double its quarterly dividend from the current 63 cents per share.

After joking that his seat suddenly felt hot as he rose from a chair, Cook said Apple's board intends to raise the dividend in April, but he didn't providing specifics.

Investors have been anticipating a substantial dividend increase since Apple announced plans to take advantage of a temporary tax break championed by the President Donald Trump to bring an estimated $245 billion in overseas cash back to the U.S.

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