Adobe to buy back $2bn of its own stock by 2015
SOFTWARE DEVELOPER Adobe has announced plans to buy back $2bn of its own stock to avoid dilution.
Adobe's board approved a plan to repurchase $2bn of its common stock by 2015 in a bid to avoid dilution. The firm recently reported a decline in profits and its announcement is meant to promote an image of calm, with the firm claiming it will "return value" to Adobe's stockholders.
Mark Garrett, EVP and CFO of Adobe said, "This stock repurchase program reaffirms our confidence and optimism in the long-term future of Adobe, and our commitment to returning value to our stockholders." Adobe already planned to repurchase $1.6bn of its own stock during 2012, a plan it said it had exhausted. Adobe's decision to buy back more of its stock is meant to reassure investors that the market value of the company won't fall to a point where it might become a takeover target.
