By Stephen Nakrosis
Advanced Micro Devices Inc. said Wednesday its board approved a new share repurchase program for up to $4 billion of stock.
The company said it expects to fund repurchases through cash generated from operations which have been strengthened by strong operational results.
"Our strong financial results and growing cash generation enable us to invest in the business and begin returning capital to our shareholders," said Dr. Lisa Su, president and chief executive.
AMD has a market capitalization of $90.45 billion, 1.22 billion shares outstanding and a public float of 1.21 billion shares.
At 12:34 p.m. ET, the company's stock had risen 3.16% to trade at $76.78 a share.
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(END) Dow Jones Newswires