$2.7 billion remaining under previous program
PayPal’s (PYPL) board of directors has approved a new stock repurchase program totaling $10 billion. The new repurchase program will take effect after the current program has been completed. PayPal has $2.7 billion remaining under its previous repurchase program. Together with the new program, PayPal has lined up a $12.7 billion payout for its shareholders.
Qualcomm (QCOM) and Google parent Alphabet (GOOGL) are other companies that have lined up fat payouts for their shareholders. Qualcomm is planning to repurchase $30 billion worth of its shares, a program made possible by Qualcomm’s decision to terminate its agreement to acquire Dutch chipmaker NXP Semiconductors (NXPI). Qualcomm failed to secure China’s approval for the deal on time, which resulted in the deal falling apart.
Nokia repurchasing 500 million shares
Alphabet’s stock repurchase program is slated to return $8.6 billion to shareholders. Facebook (FB) also has an active repurchase program in place, which could see it return up to $15 billion to shareholders. In April, it added $9.0 billion to its previously announced $6.0 billion repurchase program. Nokia (NOK) intends to repurchase 500 million shares in a program that could see it return $2.8 billion to shareholders.
PayPal repurchased 6.1 million shares
PayPal repurchased 6.1 million shares in the second quarter, thereby returning $500 million to its shareholders in that period. eBay repurchased $1.0 billion worth of shares in the second quarter and has $5.7 billion remaining under its current repurchase program.