News
HP board authorises US$10bn in share repurchases
31 Aug 2010
Source: Siliconrepublic.com
“HP has a strong balance sheet,” said Cathie Lesjak, HP chief financial officer and interim chief executive officer who took over from former CEO Mark Hurd.
“We plan to be active in repurchasing our shares, and we expect to repurchase at least US$3bn worth of our shares in our fiscal fourth quarter at current price levels.
“This increased authorisation will ensure that we have sufficient capacity to continue to be active in repurchasing our shares prior to our fiscal fourth quarter earnings announcement in November.”
HP repurchased approximately US$2.6bn worth of its shares in its fiscal third quarter and, as of 31 July, had approximately US$4.9bn of repurchase authorisation remaining under the US$8bn repurchase authorisation approved by the board in November 2009.
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