IBM adds $5 billion to share buyback program

Tue Oct 28, 2014 1:25pm EDT
 
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(Reuters) - IBM Corp (IBM.N: Quote) said its board had approved a $5 billion share buyback in addition to the $1.4 billion remaining from its existing program.

The company has been criticized for pursuing buybacks at the expense of investment in new technology.

IBM spent $13.5 billion to repurchase stock in the first nine months of the year, more than double its net income.

(Reporting by Anya George Tharakan in Bangalore; Editing by Tresa Sherin Morera)

 
Traders gather at the post that trades IBM on the floor of the New York Stock Exchange October 20, 2014. REUTERS/Brendan McDermid