Categories Technology

Shares jump as Broadcom board gives the green light to $12-billion share buyback

Chipmaker Broadcom Inc. (AVGO) announced that its Board of Directors authorized the buyback of up to $12 billion of its common stock. This was effective immediately on the announcement and extends till the end of Broadcom’s fiscal year 2019 — November 3, 2019. Shares jumped at least 4.4% aftermarket on Thursday following the news.

CFO Tom Krause said Broadcom is on board to deliver 50% of the trailing 12-month free cash flow to shareholders in the form of dividends.

The announcement came as a confidence lifter when the chipmaker was facing flak on its ability to operate as a US company. Broadcom forced to move back to the US from Singapore, shortly after POTUS Trump demanded the company to drop its takeover bid for rival chipmaker Qualcomm (QCOM).

Most Popular

Infographic: Nvidia (NVDA) Q4 revenue up 61%; earnings beat

Nvidia Corporation (NASDAQ: NVDA) Wednesday said its fourth-quarter revenues and profit increased in double-digits amid elevated demand. The results also topped the Street view, driving the stock higher during the

Nutanix (NTNX) Earnings: 2Q21 Key Numbers

Nutanix (NASDAQ: NTNX) reported second quarter 2021 earnings results today. Total revenue remained flat at $346.4 million compared to the same period a year ago. GAAP net loss was $287.3

Macy’s (M) expects digital channels to generate approx. $10 billion in sales by 2023

Shares of Macy’s Inc. (NYSE: M) were down 2.7% in morning trade on Wednesday. The stock has gained 37% since the beginning of the year. A day ago, the retailer

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top