Dell Inc., the U.S. second largest PC maker, said Tuesday it would re-start its stock buyback plan in a big way, after the company's board approved the plan to repurchase 10 billion U.S. dollars in common stock beginning this week.
The company, which held a shareholders meeting Tuesday, had suspended its share buyback program in August until it finished filing a series of delayed quarterly reports with the Securities and Exchange Commission.
Those filings, filed in October, resulted in Dell reducing its earnings by 92 million dollars for the fiscal years of 2003 to 2006, as well as the first quarter of fiscal 2007.
It marks the first time Dell has authorized funds to buy back the company's stock since giving approval to a similar 10 billion dollars plan in March 2005.
The buyback is perceived to be good news and the company's share price up 0.8 percent to 24.13 dollars.
Source:Xinhua
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