Applied Materials Board Approves Fresh $2 Billion Share Buyback
June 09 2016 - 6:10PM
Dow Jones News
Applied Materials Inc. on Thursday said its board approved a new
$2 billion share-buyback program, following the completion of its
$3 billion program initiated last year.
The maker of semiconductor-manufacturing tools has seen its
stock price surge 23% over the past month.
In May, the company said orders hit a 15-year high in its latest
reporting quarter, and some analysts and investors have speculated
future iPhone models will use Applied Materials' organic
light-emitting diode, or OLED, display.
On Thursday, Chief Financial Officer Robert Halliday said the
company is "confident in our ability to drive profitable
growth."
Applied Materials didn't provide a time frame for when it plans
to repurchase its shares. The company has a market value of roughly
$26.4 billion.
The shares price edged 0.6% higher in after-hours trading on
Thursday.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
(END) Dow Jones Newswires
June 09, 2016 17:55 ET (21:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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