Shares of technology companies were higher.
Microsoft's board approved a plan to buy back as much as $60 billion of its stock, extending the tech giant's extensive repurchase program at a time when Congressional Democrats have proposed taxing companies that do buybacks. The program is larger than the last one approved by the board -- a $40 billion buyback program set in 2019. It had $8.7 billion remaining under that share-purchase authorization as of June 30.
Network equipment maker Cisco Systems plans to introduce new financial metrics and overhaul its reporting segments to showcase the growth of its software business. San Jose, Calif.-based Cisco, which sells routers, switches and security services as well as software products such as its Webex meeting application, said it would start reporting annual recurring revenue and subscriptions as a percentage of total revenue in November.
Cisco also said it expects annual revenue growth of between 5% and 7% through the July 2025 fiscal year, driven by continued expansion of its subscription businesses. Cisco made the forecast at a half-day meeting with investment analysts, the first such session the networking giant has held since 2017.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
09-15-21 1714ET
