Apple has bought back $14 billion worth of its own shares in the last two weeks post announcing its Q1 2014 earnings, the WSJ reports. In the last 12 months, Apple has bought more than $40 billion of its shares. The report claims that Apple CEO Tim Cook has decided to be “aggressive” and “opportunistic”, and the plan of re-buying a total $60 billion of shares.
The news should come as a breather for Apple‘s shareholders who have been pressing the company for a more aggressive buyback to unlock investor value and also support the stock price, which has not performed well in the past few quarters.
The buyback also reflects Cook’s confidence in Apple’s upcoming product portfolio, which has not seen anything groundbreaking since the launch of the iPhone 5, with many fearing whether Apple can still innovate after the death of Steve Jobs. Cook has been promising Apple would get into new product categories this year. Apple is expected to launch a smartwatch aka the iWatch this year although chatter about it launching a television has been going on for a long time.