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AMD Up After Announcing New $8 Billion Share Repurchase Program -Breaking

by Mike Robinson

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© Reuters

Sam Boughedda

Investing.com – Advanced Micro Devices Inc (NASDAQ) said Thursday evening that its board of directors approved a new $8 billion share repurchase program.

The news boosted AMD’s shares by 3.84% on Friday. Closed the week at $121.

This authorization comes in addition to the previously announced $4 billion share purchase program in May 2021. AMD Company has purchased approximately $3Billion of shares common stock under its previously announced program.

The company said the new program — which has no termination date — is designed to return value to shareholders by offsetting dilution from stock issuances and reducing share count over time. 

AMD will finance repurchases using cash from its operations. 

“We are pleased to expand our share repurchase program based on the strength of our balance sheet and expectations for future free cash flow generation,” said AMD Chair and CEO Dr. Lisa Su. 

“With our strong financial performance, we are able to increase investments to drive long-term growth while returning additional value to our shareholders.”

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