You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

Apple takes $14b bite of its stock via buyback

NEW YORK — Apple has repurchased $14 billion of its stock in the two weeks after its first-quarter financial results and second-quarter revenue outlook disappointed investors.

The buyback news helped lift Apple’s stock by more than 1 percent Friday.

Continue reading below

Apple Inc. bought $12 billion worth of its shares through an accelerated repurchase program and $2 billion on the open market, the company confirmed.

Apple stepped up its investments because chief executive Tim Cook believed the stock had become a bargain after a recent downturn. Late Thursday, Cook said in an interview with The Wall Street Journal that the company was ‘‘surprised’’ when its stock dropped 8 percent the day after its earnings report and revenue outlook. He told the newspaper he wanted to be ‘‘aggressive’’ and ‘‘opportunistic.’’

In the past year Apple’s shares have lost some ground due to concerns about slowing growth and increasing competition.

But Apple isn’t sitting idle. The stock buyback signals the company remains confident in its business.

Loading comments...
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.