IBM Authorizes $10 Billion Share Repurchase
"IBM's higher value, higher margin business strategy has enabled the return of $91 billion since 2003 to our shareholders through share repurchases and dividends," CEO Samuel Palmisano said in a media release. "We've done this while investing to bring new products and services to market, and expanding IBM's business into new, emerging markets."
IBM said last week its third-quarter earnings and revenue topped Wall Street estimates, but concern over the services business continued to linger. Shares in IBM, a component of the Dow Jones Industrial Average ($INDU), are up 7% for the year to date.