Cisco’s board of directors authorized up to $7 billion in additional repurchases of its common stock in addition to the remaining authorized amount of $3.1 billion. Cisco’s board had previously authorized up to $40 billion in stock repurchases. There is no fixed termination date for the repurchase program.
Since the inception of the repurchase program in September 2001 through the close of Cisco’s first quarter of fiscal year 2007 on October 28, 2006, the company had repurchased and retired approximately 2.0 billion shares of common stock at an average price of $18.51 per share for an aggregate purchase price of approximately $36.9 billion.
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