Yahoo! Inc has told the US Securities and Exchange Commission (SEC) that it will increase its share buyback programme by $2 billion. Also Read - Yahoo Groups to shut down from December 15
Yahoo’s board of directors on Thursday approved the additional buybacks, Efe news agency reported. Also Read - WordPress owner Automattic buys Tumblr from Verizon
“The board of directors of Yahoo! Inc. approved an additional share repurchase programme of $2 billion which will expire on March 31, 2018,” said the company document submitted to the SEC. Also Read - Yahoo to pay USD 117.5M in latest settlement of massive breach
The decision extends to $5 billion the buyback that the company started in 2013.
Buyback programmes are commonly used to boost the price of securities in stock exchange as reducing the number of outstanding shares increases the relative value of those remaining.