Intel: suspends share buybacks
(CercleFinance.com) - Intel is suspending its share buybacks due to the COVID-19 pandemic, a decision that the US chipmaker sees as "prudent" given the uncertainty regarding the length and severity of the current crisis.
Intel - which said it has kept its factories operational to date, as well as a "strong" balance sheet - plans to restate the stock repurchases "as circumstances warrant," it said in a filing with the SEC.
Last year, Intel announced its intention to repurchase 20 billion dollars worth of shares over the next 15 to 18 months.
The Santa Clara, California-based company said that it has repurchased a total of approximately 7.6 billion dollars worth of shares so far.
The coronavirus outbreak could materially adversely affect financial results, Intel added, but the degree to which the disease will impact results will depend on highly uncertain developments that cannot be predicted, it said.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Intel - which said it has kept its factories operational to date, as well as a "strong" balance sheet - plans to restate the stock repurchases "as circumstances warrant," it said in a filing with the SEC.
Last year, Intel announced its intention to repurchase 20 billion dollars worth of shares over the next 15 to 18 months.
The Santa Clara, California-based company said that it has repurchased a total of approximately 7.6 billion dollars worth of shares so far.
The coronavirus outbreak could materially adversely affect financial results, Intel added, but the degree to which the disease will impact results will depend on highly uncertain developments that cannot be predicted, it said.
Copyright (c) 2020 CercleFinance.com. All rights reserved.