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Apple Repurchases $14 Billion Worth of Shares

Apple has bought back $14 billion worth of its shares.
Apple has bought back $14 billion worth of its shares. STEPHEN LAM / Reuters

Apple Inc has repurchased $14 billion of its stock in the two weeks since it reported disappointing first-quarter results, a company spokesman said.

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.

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.

"It means that we are betting on Apple," Cook said.

-- Reuters