Report: Apple Buys Back $14B Of Its Shares

8:39 AM, Feb 7, 2014   |    comments
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Brett Molina, USA TODAY

Apple has reportedly repurchased $14 billion of its own shares as the company continues to face pressure from activist investor Carl Icahn on a larger buyback.

According to the Wall Street Journal, citing an interview with Apple CEO Tim Cook, the stocks were repurchased in the two weeks since reporting their first quarter results. During the first quarter, Apple announced quarterly sales records for its iPhone and iPad, but its second quarter outlook fell short of Wall Street expectations.

"It means that we are betting on Apple," Cook tells the Journal. "It means that we are really confident on what we are doing and what we plan to do."

Apple shares are up 1.6% to $520.75 in pre-market trading.

The Cupertino, Calif., company has been pushed to issue a larger stock buyback since August, when Icahn boasted of his increasing stake in Apple. The investor's stake in Apple sits at $3.6 billion.

Icahn also issued a letter to shareholders last month imploring them to consider a sizable stock buyback.

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