Cisco’s board of directors authorized up to $5 billion in additional repurchases of its common stock. Cisco’s board had previously authorized up to $47 billion in stock repurchases. There is no fixed termination date for the repurchase program.
“Cisco’s business strategy is to make investments for growth,” said Dennis Powell, chief financial officer, Cisco. “The company believes that its available cash provides flexibility to make strategic investments in the business, including R&D and acquisitions, as well as repurchase shares. Today’s decision to increase its share buyback program allows the company to continue to return cash to shareholders.”http://www.cisco.com
