Apple Makes Huge Move Nobody Saw Coming

Business & Money

Apple has repurchased $14 billion worth of its stock after reporting disappointing fourth-quarter earnings two weeks ago, CEO Tim Cook said in a new interview.

Cook told the Wall Street Journal that Apple was “surprised” by the eight-percent drop in its share price late last month, after a weak revenue outlook and lower-than-expected iPhone sales during the holidays led to its sluggish earnings. Since then, Apple bought $12 billion worth of shares through an “accelerated” repurchase program and another $2 billion in shares from the open market, Cook said.

Shares were up about one percent in early trading on Friday.

Apple has bought back more than $40 billion of its shares in the past year, Cook told the Journal, calling it a record for any company over any similar time period. “It means that we are betting on Apple,” he said. “It means that we are really confident on…

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