The Wall Street Journal reports that Apple has repurchased $14 billion of its own stock in the two weeks following its Q1 2014 earnings report. Apple CEO Tim Cook told WSJ that Apple wants to be “aggressive” and “opportunistic” with its repurchases following the 8% drop of Apple’s share price the day after the results were reported.
From WSJ, via MacRumors:
With the latest purchases, Mr. Cook said Apple had bought back more than $40 billion of its shares over the past 12 months, which Mr. Cook said was a record for any company over a similar span.
“It means that we are betting on Apple. It means that we are really confident on what we are doing and what we plan to do,” said Mr. Cook, speaking in a conference room at the company’s corporate headquarters here. “We’re not just saying that. We’re showing that with our actions.”
Cook added that the company would be sharing “updates” to the buyback program in March or April. Apple has bought back $40 billion in shares over the past 12 months.
CEO Cook also noted that although Apple has not made any large acquisitions, it is open to doing so, if the purchase makes financial sense. “We have no problem spending ten figures for the right company, for the right fit that’s in the best interest of Apple in the long-term. None. Zero.”
