Apple Inc has repurchased $14 billion of its stock in the two weeks since it reported disappointing first-quarter results, a company spokesman said.<\/p>\n
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.<\/p>\n
The news was first reported by the Wall Street Journal, which interviewed Apple Chief Executive Tim Cook.<\/p>\n
Cook told the paper that Apple was surprised by the 8 percent decline in its shares on January 28, the day after it reported quarterly results.<\/p>\n
Apple shares fell after the company reported lower-than-expected holiday-period iPhone sales and issued a weak revenue forecast.<\/p>\n
With the latest round of repurchases, Apple has bought back more than $40 billion of its shares over the past 12 months, which Cook said was a record for any company over a similar span.<\/p>\n
“It means that we are betting on Apple,” Cook said.<\/p>\n
“It means that we are really confident on what we are doing and what we plan to do. We are not just saying that. We are showing that with our actions.”<\/p>\n
The share buyback was part of Apple’s plan to repurchase $60 billion of its shares.<\/p>\n
Excluding the latest purchases, Apple returned $7.7 billion to shareholders through dividends and buybacks in the December quarter, bringing the total under its capital return program to $43 billion.<\/p>\n
Cook told the paper that Apple would issue updates on its buyback program in March or April.<\/p>\n
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