Apple Announces Record $110 Billion Stock Buyback
Massive Repurchase Plan Sends Shares Soaring
Company Continues Aggressive Buyback Strategy
Apple Inc. has made headlines with the announcement of a record-breaking $110 billion stock buyback program. The move, which was approved by the company's board of directors, represents a 22% increase over last year's $90 billion authorization.
The announcement was made in conjunction with Apple's fiscal second-quarter earnings report, which showed strong financial performance. Apple's stock price jumped nearly 6% before the bell on Friday in response to the news.
Apple has been an aggressive user of stock buybacks in recent years, returning billions of dollars to shareholders. The company has spent over $500 billion on buybacks over the past decade, reducing its outstanding shares by more than a quarter.
The latest buyback plan is likely to be welcomed by investors, who have benefited from Apple's strong stock performance in recent years. Apple shares have more than doubled in value over the past five years.
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