News
Microsoft announces share buyback
Ben Furfie Sep 23 2008, 1:04pm
Redmond firm reveals $40bn scheme � largest in history � as HP also details $8bn plans
Microsoft has announced the biggest share buyback in history with the firm saying it plans to spend $40bn ($22bn) doing so.
The move has prompted analysts to suggest that the Redmond-based firm is doing so to prop up its share price, which has fallen by 30 per cent alone this year.
The firm said that the plan shows: "confidence in the long-term growth of the company and our commitment to returning capital to our shareholders."
It was joined by HP, which also announced that it was planning to launch its own share buyback plan, with the world's largest vendor saying it will spend $8bn (£4.4bn) doing so to counteract the effect of employee stock plans on ownership percentages.
Source: BBC
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