Apple Inc has repurchased $14 billion of its stock in the two weeks
since it reported disappointing first-quarter results, a company
spokesman said, reports Reuters.
Apple bought $12 billion of shares via an accelerated share repurchase program (ASR) and $2 billion of shares from the open market, the spokesman said. An ASR usually involves a company buying its shares from an investment bank.
The news was first reported by the Wall Street Journal, which interviewed Apple Chief Executive Tim Cook.
Cook told the paper that Apple was surprised by the 8 per cent decline in its shares on Jan. 28, the day after it reported quarterly results.
Apple bought $12 billion of shares via an accelerated share repurchase program (ASR) and $2 billion of shares from the open market, the spokesman said. An ASR usually involves a company buying its shares from an investment bank.
The news was first reported by the Wall Street Journal, which interviewed Apple Chief Executive Tim Cook.
Cook told the paper that Apple was surprised by the 8 per cent decline in its shares on Jan. 28, the day after it reported quarterly results.
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