Apple buys back $14 billion of shares in two weeks since result

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appleReuters/Reuters – A man using his mobile phone is seen through a sign advertising the 30th anniversary of the Macintosh computer at an Apple shop in Tokyo’s Ginza shopping district .

Apple Inc has repurchased $14 billion of its stock in the two weeks since it reported disappointing first-quarter results, a company spokesman said.

Apple bought $12 billion of shares via an accelerated share repurchase program (ASR) and $2 billion of shares from the open market, the spokesman said. An ASR usually involves a company buying its shares from an investment bank.

The news was first reported by the Wall Street Journal, which interviewed Apple Chief Executive Tim Cook.

Cook told the paper that Apple was surprised by the 8 percent decline in its shares on January 28, the day after it reported quarterly results.

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