Chief executive Tim Cook says that spending cash reserves on buying back shares and boosting the price for remaining investors proves “that we are betting on Apple"
Apple has spent $14 billion (£8.6 billion) buying back its own stock over the
last two weeks, according to reports.
Chief executive Tim Cook said, in an interview
with the Wall Street Journal: “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. We are not just saying that. We are showing that with our
actions.”
The newspaper claimed that the company bought $12 billion though an
accelerated share repurchase program and a further $2 billion on the open
market.
