Apple Repurchased 36 Million Shares Last Quarter
More details about Apple's financial performance for the June quarter continue to emerge as analysts and journalists take time to fully digest and make sense of the data Apple provided to the investment community this past Tuesday.
According to the latest tidbits, Apple spent a staggering $16 billion last quarter to repurchase its own shares.
"By my calculation," Philip Elmer-DeWitt of Forbes deduces, "the company spent $16 billion last quarter ($4 billion in cash, $12 billion through the so-called accelerated share repurchase program) to purchase 36 million of its own shares at an average price of just over $444.
Putting that amount of cash into perspective, Apple could have used those funds to buy Nokia. Or, it could have even bought BlackBerry... three times.
Apple's investment in itself is a strong show of confidence to the public and the broad investment community, analysts argue. "One way to think of it," Asymco's Horace Dediu says, "is this is Apple's greatest acquisition ever."