Apple’s increased spending on its own shares follows the $1.5 trillion tax cut signed into law late last year. The overhaul lowered the corporate tax rate to 21 percent from a high of 35 percent and provided a permanent break on overseas profits. Over that period, the number of Apple’s shares outstanding has dropped by just over a quarter. Like most stock repurchase efforts, Apple’s buyback program has helped bolster its share price in recent years. By reducing the number of shares on the market, buybacks also lift a company’s earnings per share — a key metric for investors.

Source: New York Times August 01, 2018 16:18 UTC