Advanced Micro Devices, Inc. (NASDAQ: AMD) has declared Wednesday the share buyback program of the firm. The firm disclosed that its Boards of directors have unanimously authorized the buyback program and it is planning to buy back $4 billion of outstanding AMD Stock.
AMD is anticipating that it has decided to finance the buyback through cash created from operations which have been reinforced by the strong operational results of the firm. The CEO of the firm stated that this share buyback program has indicated the confidence in the business of AMD and the successful finishing of its multi-year growth strategy.
Advanced Micro Devices, Inc. (NASDAQ: AMD) shares skyrocketed 2.83% at $76.55 at the time of writing on Wednesday. Advanced Micro Devices, Inc's share price went from a low point around $48.42 to briefly over $99.23 in past 52 weeks. The firm has gained +2.11 on Wednesday’s session. AMD market cap has stayed high, reaching $88.63 billion at the time of writing.
Looking at the share buyback program, which is created to return value to AMD stockholders, counterbalance dilution from stock issuances, and lessen the share count over time, the firm will buy back stock in the open market. This buyback program has no expiry date and may be deferred or withdrawn at any time.