Broadcom Inc (NASDAQ:AVGO, ETR:1YD) announced that its board of directors has approved an up to $10 billion share repurchase program.
The buyback program allows Broadcom to repurchase shares using various methods, such as open market purchases or private transactions until the end of 2025.
The timing and size of repurchases will depend on factors like stock price, market conditions, and alternative investment opportunities.
"Today's announcement of a $10 billion share repurchase program reflects the Board's confidence in the strength of Broadcom's diversified semiconductor and infrastructure software product franchises,” Broadcom CEO Hock Tan said in a statement.
“In particular, we are uniquely positioned in mission critical infrastructure software and enabling hyperscalers to drive innovation in generative AI into their expanding subscriber platforms.”
Shares of Broadcom were boosted by the announcement, up around 8.6% in early Tuesday trading.