Blog Post

Yahoo To Spend Up To $3 Billion More On Share Buybacks

At Yahoo’s annual meeting last week, CEO Carol Bartz acknowledged that “at 14, 15, 16,” the company’s share price was “low.” The company’s board is now moving to take advantage of that, authorizing the company to buy back up to $3 billion of its stock over the next three years.

Yahoo’s board had already authorized the company to buy back up to $3 billion in stock in October 2006, but Yahoo (NSDQ: YHOO) only had about $1 billion left to spend under that program, which is set to expire in October 2011. If Yahoo now spends all of the new $3 billion on stock buybacks it would account for the majority of the $4.2 billion in cash and cash equivalents it reported at the end of last quarter.