Apple Has Bought Back $14 Billion Of Its Own Shares Over The Past Two Weeks

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From Tim Cook to Jony Ive,
From Tim Cook to Jony Ive,

Tim Cook has acknowledged that Apple has bought back $14 billion of its own shares over the past two weeks — reacting to an 8 percent decline in shares following the recent financial quarter results.

In an interview with the Wall Street Journal, Cook admitted that he was “surprised” by Wall Street’s reaction to Apple’s last quarter, in which the company broke records by selling 77 million iOS devices over the holiday season.

Apple’s recent share repurchase is the largest of its kind for a company of Apple’s size over a similar timespan. During the past 12 months, Apple has bought back $40 billion of its own shares — part of a plan to repurchase a total of $60 billion. In the past two weeks Cook says that Apple bought $12 billion of its shares through an “accelerated” repurchase program, and a further $2 billion on the open market. Apple plans to disclose updates to its buyback program either next month or in April.

Good News Pushes Apple Stock to Highest Close in Almost a Year

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wallstreet

Apple stock closed at a new 2013 high on Tuesday — rising 2.7 percent (or $15) over the course of the day to finish at $566.32.

For those keeping score, that’s the best close Apple’s stock has had since December 4, 2012, and means that the company is up by 6 percent so far this year — although still down on the $700 all time high which accompanied the iPhone 5.