The company said that it will be making the repurchase as part of an effort to increase share values and manage dilution stemming from the company's employee shareholder program.
The $8bn effort is the latest in an ongoing share repurchase campaign. HP said that it invested $1.6bn on stock buybacks last quarter as part of a previous $8bn repurchase campaign. The company estimates that it has some 2.5bn shares of stock outstanding.
The move makes HP the second major tech firm to undertake a major share buyback campaign. Microsoft announced a £22bn shareholder repurchase effort as part of an ongoing effort to increase its stock price in the wake of its failed bid to buy Yahoo.
HP green lights stock buyback
By Shaun Nichols on Sep 23, 2008 4:04PM