HP Board Authorizes Additional $8 Billion for Share Repurchases
PALO ALTO, Calif., Sept. 22, 2008
The HP board of directors has approved the authorization of an additional $8 billion for share repurchases.
HP intends to use the additional authorization as part of its ongoing program to manage the dilution created by shares issued under employee stock plans and to repurchase shares opportunistically.
HP repurchased approximately $1.6 billion worth of its shares in the third quarter and, as of July 31, 2008, had approximately $3.0 billion of repurchase authorization remaining under the $8.0 billion repurchase authorization approved by the board in November 2007.
HP has approximately 2.5 billion shares of common stock outstanding.
HP, the world’s largest technology company, provides printing and personal computing products and IT services, software and solutions that simplify the technology experience for consumers and businesses. HP completed its acquisition of EDS on Aug. 26, 2008. More information about HP (NYSE: HPQ) is available at http://www.hp.com.