Apple extends share buybacks by another $90 billion
One year after introducing a $90 billion stock buyback program, Apple has launched another to recover an extra $90 billion of common stock.
Apple logo on a building
Announced as part of Apple's financial results for the second quarter of 2023, Apple is preparing to perform more buybacks of its shares. In a new program, the board of directors has authorized the repurchase of up to $90 billion of Apple's common stock.
The announcement is a repeat of an announcement made for Q2 2022, when Apple initiated a program to recover $90 billion in stock. The new program is in addition to the previous share buyback initiative.
"Given our confidence in Apple's future and the value we see in our stock, our Board has authorized an additional $90 billion for share repurchases," said CFO Luca Maestri.
Occurring regularly since 2012, Apple has habitually launched programs for share repurchases. Since 2012 until the end of 2022, Apple spent in excess of $572 billion on share buyback programs.
Share buyback programs are often performed to reduce the number of outstanding shares in a company. Increased scarcity typically results in an increase in the stock's price, or supporting a desired target.
Read on AppleInsider
Apple logo on a building
Announced as part of Apple's financial results for the second quarter of 2023, Apple is preparing to perform more buybacks of its shares. In a new program, the board of directors has authorized the repurchase of up to $90 billion of Apple's common stock.
The announcement is a repeat of an announcement made for Q2 2022, when Apple initiated a program to recover $90 billion in stock. The new program is in addition to the previous share buyback initiative.
"Given our confidence in Apple's future and the value we see in our stock, our Board has authorized an additional $90 billion for share repurchases," said CFO Luca Maestri.
Occurring regularly since 2012, Apple has habitually launched programs for share repurchases. Since 2012 until the end of 2022, Apple spent in excess of $572 billion on share buyback programs.
Share buyback programs are often performed to reduce the number of outstanding shares in a company. Increased scarcity typically results in an increase in the stock's price, or supporting a desired target.
Read on AppleInsider
Comments
Even without publicly traded shares, shares in companies still exist, but they are privately traded. His statement suggests that he opposes the public stock trading system.
And, of course, share buybacks increase the existing shareholders’ percentage ownership. I’ll trade my ownership stake in a pile of 1x-valued static cash any day for more of Apple’s 28x-valued productive operations. Thank you, sir. Please don’t make that illegal.
Apple is not buying stock for itself. It is doing it on behalf of those of us who own Apple, increasing our percentage ownership
https://www.yahoo.com/video/7-reasons-stock-buybacks-illegal-172253787.html
That's the problem with making buybacks illegal; there are "Black Swans" like Apple that generate excess cash of sufficient magnitude that it can't be consumed for organic growth, relevant acquisitions, nor productively invested elsewhere.