IBM said its board approved an additional $5.0 billion in share repurchases, bringing the company's total stock buyback program to $9.2 billion in a reflection of the company's strong cash flow.
International Business Machines said it plans to occasionally repurchase shares on the open market or in private transactions.
The buyback would add to around $4.2 billion remaining at the end of September from a previously approved plan.
IBM shares rose $1.63, or 1.4 per cent, to $121.74.
Reuters
