Dell Authorized to Buy Back $10 Billion in Stock
rong>Dell is reviving plans to buy back shares in the company and will begin to repurchase $10 billion in common stock this week, chairman and Chief Executive Officer Michael Dell said.
Dell had suspended its buyback program in August 2006 until it could file a backlog of earnings reports with the Securities and Exchange Commission.
Chief Financial Officer Don Carty said there was no timeframe for the repurchase plan. He said the company has $15 billion in cash and is generating another $1 billion per quarter that could be put toward the repurchase.
As of Oct. 19, Dell had about 2.24 billion shares outstanding.
"Dell is committed to a long-term share repurchase program as part of an overall capital allocation plan that supports growth and also returns value to shareholders," Dell said in a statement.