Cisco Gets OK to Buy Back $10B More Stock
SAN JOSE, California (
) --
Cisco's
(CSCO) - Get Report
board authorized the company to repurchase up to $10 billion in additional common stock.
Cisco's board had previously authorized the company, the largest maker of networking equipment, to repurchase up to $72 billion of stock.
"Today's decision to increase Cisco's stock repurchase program is part of our continued commitment to return cash to shareholders, which also includes our plan to issue a dividend this fiscal year," said Frank Calderoni, Cisco's chief financial officer, in a statement late Thursday. "We are confident in our strategy, product portfolio and ability to capture and lead new markets."
Cisco shares have declined 18% this year. The stock rose 20 cents Thursday to $19.61.
-- Written by Joseph Woelfel
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