Cook told the paper in an interview that Apple was "surprised" by
the 8 percent decline in its shares on January 28, the day after it
reported quarterly results.
Lower-than-expected holiday iPhone sales and a weak revenue forecast
by Apple renewed fears about lower Chinese demand and a tepid global
With the latest round of purchases, Apple had bought back more than
$40 billion of its shares over the past 12 months, which according
to Cook was a record for any company over a similar span, the
Journal said. (http://link.reuters.com/xas66v)
"It means that we are betting on Apple. It means that we are really
confident on what we are doing and what we plan to do. We are not
just saying that. We are showing that with our actions," Cook told
The share buyback was part of Apple's previously disclosed plan to
repurchase $60 billion of its own shares.
[to top of second column]
Apple had returned $7.7 billion to shareholders through dividends
and buy backs in the December quarter, bringing the total under its
capital return program to $43 billion, excluding latest purchases.
Cook told the paper that Apple plans to disclose "updates" to its
buyback program in March or April.
Apple could not immediately be reached for comment by Reuters
outside of regular U.S. business hours.
(Reporting by Sakthi Prasad in Bangalore
and Eddie Chan in Los Angeles; editing by Gopakumar Warrier)
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