Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a732769

Apple in $14bn share buyback after price dip

by Danielle Levy on Feb 07, 2014 at 07:50

Apple in $14bn share buyback after price dip

Apple has bought a further $14 billion worth of shares back, which means it has spent over half of the $100 billion it pledged to return to shareholders.

The move comes as the technology stock fends off the criticisms of activist investor Carl Icahn. 

The technology giant had pledged to spend $100 billion by the end of next year, as it prepares to face activist investor Carl Icahn's criticisms of its capital allocation policy later this month, the Financial Times reports. Apple has bought back $14bn of its own shares over the past two weeks.

The move comes after Apple reported that iPhone sales had fallen short of expectations in late January, sparking an 8% share price fall in the space of one day.

The recent buybacks form part of its existing capital allocation plan, which rose by $55 billion to $100 billion in April last year. The FT said CEO Tim Cook has stated that he would reconsider those plans in March or April.

The tech giant has paid out around $8 billion in dividends and buybacks in each of the past two quarters.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Long time coming: is the recovery here to stay?


Ian McVeigh and Steve Davies, managers of Jupiter's UK Growth fund, talk about their predictions for the UK equity space. Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.

Today's top headlines

More about this:

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet