Apple has repurchased $14 billion of its own shares in last two weeks
According to a Wall Street Journal report, citing the information shared by Apple CEO Tim Cook, $14 billion worth of Apple's shares have been repurchased by the company in the last two weeks, after posting disappointing first-quarter financial results.
Cook told the WSJ on Thursday that an 8 percent plunge in Apple's shares on January 28 - the day after the company reported its quarterly earnings - has "surprised" the company. Apparently, fears about tepid global market and low Chinese demand had been triggered by lower-than-anticipated holiday sales of the iPhone and Apple's weak revenue forecast.
About the share buyback decision by Apple, Cook said that he wants the move to come across as an "aggressive" as well as "optimistic" one.
Noting that share buyback "means that we are betting on Apple," Cook said that the move is an indication of Apple's confidence in what it is currently doing and what it plans to do in the future. Cook further added that Apple is not only "really confident" of its present performance and its future plans, but is also effectively expressing that confidence with its actions.
Meanwhile, as per the WSJ report, the latest share buyback by Apple implies that the company has now repurchased over $40 billion worth of its stock over the last one year, with the massive share buyback figures marking a record for any company!
Activist investor Carl Icahn has urged Apple management in the recent quarters to come up with larger buyback scheme.
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