Apple Buys Back $14 Billion in Shares (CNBC)
In the last two weeks, Apple, Inc. (NASDAQ:AAPL) has bought back $14 billion worth of outstanding shares from investors. This buyback comes on the tail of disappointing first-quarter results, according to Apple CEO Tim Cook. Apparently, the company’s management was surprised by an 8 percent loss in share value following the report of first-quarter numbers. The company announced that lower-than-expected iPhone sales, lower Chinese demand and a tepid global market were to blame. With the addition of the $14 billion worth of stock repurchased in the last two weeks, Apple has bought back a total of $40 billion of its shares in the last 12 months. We’ll have to wait and see if reducing the supply of shares actually helps re-inflate share price. Stay tuned.
