You May Not, But Apple Has Faith in Itself
Though the bulls and the bears are still debating whether Apple’s (NASDAQ:AAPL) recent quarterly earnings result show that the company is getting better or worse, there is one major investor who definitely believes that the best is yet to come. Last quarter, Apple put its money where its mouth is and spent $ 16 billion repurchasing its own shares, according to analyst Horace Dediu at Asymco.
Dediu notes that this staggering amount is more than what many companies are worth. Finnish smartphone maker Nokia (NYSE:NOK) is valued at $ 15 billion, and BlackBerry (NASDAQ:BBRY) and HTC are each worth less than a third of Apple’s share buyback expenditure.