Tech Desk
Aug 29, 2024
Nvidia just announced on Wednesday (August 28) that its top officials recently approved a $50 billion Nvidia stock buyback.
The company brought to light its share repurchase as fiscal second-quarter Nvidia earning reports, exceeded Wall Street expectations.
Nvidia has refunded %15.4billion to shareholders partially in its fiscal first half of 2024. The company highlighted that at last of its fiscal second quarter, it only had $7.5 billion unexpended from its share repurchase plan.
In 2023, it disclosed the fiscal second-quarter Nvidia results, announcing a $25 billion share buyback. Additionally, companies usually experience an exponential rise in their stock price after disclosing stock buyback plans.
Read more: Nvidia stock market value smashes Wall Street's biggest one-day gain record with $277bn gain
In contrast, Apple recently shared its stock buyback of $110 billion back in May partially as fiscal second-quarter results exhibited an almost 4% decrease in sales every year. Whereas, iPhone sales also fell to almost 10% while iPhone manufacturers experienced a meteoric elevation of 7% in just a few hours of trading.
Nvidia further added it experienced a 122% increase every year to $30.04 billion. Whereas, Nvidia's earnings sharply rose almost 168% every year to $16.6 billion. Additionally, it estimated around $32.5 billion in third-quarter sales.
