BlackBerry Cleared To Repurchase 31 Million Shares, Or 6.4% Of The Public Float

By Tomi KilgoreMarketsMarketWatch Pulse

BlackBerry Ltd. said it has been cleared to buy back up to 31 million of its common shares, for cancellation purposes. That represents about 5.8% of the total shares outstanding, which totaled 531.5 million shares as of May 31, or 6.4% of the public float, which was 481.2 million shares. At Thursday's stock closing price of $11.06, the buyback could cost $342.9 million, compared with reported total cash balances of $2.6 billion at the end of the fiscal first quarter. The stock tumbled 5.8% in premarket trade, after company reported earlier a surprise profit, but sales that fell more than expected. The stock has rocketed 60.5% year to date through Thursday, while the S&P 500 has gained 8.7%.

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