Cisco is going to be $10 billion richer thanks to its directors Thursday authorizing a stock repurchase.
The $10 billion will bump up the company's repurchase program, which has no fixed termination date, to $62 billion , said Cisco.
Since the inception of the repurchase program in September 2001 through the close of Cisco's first quarter of fiscal year 2008 on October 27, 2007, the company had repurchased and retired 2.3 billion shares at an average price of $19.89 per share for an aggregate purchase price of $46.2 billion, with a remaining authorized amount of $5.8 billion.
Cisco CFO said the cash would allow Cisco to "return a significant amount of cash to our shareholders in the form of stock repurchases while at the same time continue to make strategic internal investments and acquisitions to drive future growth."
Yipee!
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