AMD (NASDAQ: AMD) today announced that its board of directors approved a new $8 billion share repurchase program. The new authorization is in addition to the $4 billion share repurchase program announced in May 2021, under which the company has repurchased approximately $3 billion of shares of AMD common stock.
“We are pleased to expand our share repurchase program based on the strength of our balance sheet and expectations for future free cash flow generation,” said AMD Chair and CEO Dr. Lisa Su. “With our strong financial performance, we are able to increase investments to drive long-term growth while returning additional value to our shareholders.”
The new share repurchase program is designed to return value to shareholders by offsetting dilution from stock issuances and reducing share count over time. AMD expects to fund repurchases through cash generated from operations. The timing and total amount of stock repurchases will depend upon market conditions and may be made from time to time in open market purchases. This program has no termination date, may be suspended or discontinued at any time and does not obligate the company to acquire any amount of common stock.
