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(REUTERS)

IBM Adds $5B to Share Buyback Program

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IBM Corp (IBM) said its board had approved a $5 billion share buyback in addition to the $1.4 billion remaining from its existing program.

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The company has been criticized for pursuing buybacks at the expense of investment in new technology.

IBM spent $13.5 billion to repurchase stock in the first nine months of the year, more than double its net income.

(Reporting by Anya George Tharakan in Bangalore; Editing by Tresa Sherin Morera)