Mobile and online search and content provider InfoSpace’s board has approved a common stock repurchase program of up to $100 million. The company has about 31.2 million shares of common stock outstanding. Under a separate authorization, it bought back 2.6 million shares totaling $70 million.
Reasoning? “”We believe that at current levels, InfoSpace’s stock price remains undervalued and does not reflect the strength of the business or our ability to generate long-term value for our shareholders,” said Jim Voelker, CEO of InfoSpace. “Our strong cash position and operating cash-flow provide us with the flexibility to repurchase shares while continuing to invest in our future.”
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