(Reuters) -Microsoft (MSFT) said on Monday its board has approved a new share buy back program of up to $60 billion.

The tech giant declared a quarterly dividend of $0.83 per share, reflecting an 8 cent, or 10%, increase over the previous quarter.

Microsoft said it will hold its annual shareholders meeting on Dec. 10.

In July, the company said it will spend more this fiscal year on AI infrastructure. It reported a 77.6% rise in capital spending in the quarter ended June 30, largely due to AI-related expenses.

The company reported a slowdown in growth at its Azure cloud business in the reported quarter but said growth would accelerate in the second half of fiscal 2025.

Big tech companies, including Microsoft and Alphabet's Google, are facing investor pressure to show a pay off for the billions of dollars they have been investing in AI infrastructure.

Microsoft is one of the few big companies that break out AI contributions in their quarterly earnings, as most firms are yet to see a big boost from AI investments.

Last month, it had restructured how it reports results for its business units, moving some search and news advertising revenue under the Azure cloud-computing unit.

Among other big technology companies, Apple unveiled a record $110 billion share buyback program in May after it reported upbeat quarterly results.

Shares of Microsoft rose marginally in aftermarket trade. Stock has risen about 15% so far this year.

(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Krishna Chandra Eluri)