Apple Inc. (AAPL:US) rose in early U.S. trading after saying it bought back $14 billion in stock, following an earnings report that sent its shares lower last month.
Apple spokesman Alan Hely confirmed the purchase in an e-mailed statement. The shares gained (AAPL:US) as much as 2.3 percent to $524.50, after closing at $512.51 in New York yesterday. The Cupertino, California-based company’s stock has lost 8.6 percent this year.
On Jan. 27, Apple reported iPhone sales over the holiday season and made revenue projections for the current quarter that were lower than analysts expected, sending its shares lower and adding to evidence that its flagship product is losing steam. Billionaire activist investor Carl Icahn has been pressuring the company to boost buybacks (AAPL:US), revealing last month that he had increased his Apple stake to about $3.6 billion and reiterating a call for a $50 billion repurchase in fiscal 2014.