What better way to spend your money but on yourself? Perhaps that's how Apple sees it as it reported that it spent $16 billion April through June buying up its shares.
That means that Apple bought up 36 million shares for about $444 a pop, according to Fortune. While some may argue that Apple could have bought Nokia and BlackBerry for that kind of money and added in a few dozen startups, perhaps it's the wisest course for the Cupertino company.
"One way to think of it," Asymco's Horace Dediu wrote, "is this is Apple's greatest acquisition ever."
Apparently Apple was only going to buy 10 million shares
, but with Apple's dropped price decided to buy up even more at the lower price, according to Apple Insider.
Most of the shares will be retired, including 22 million in the fiscal third quarter, and the rest will be sent to pasture in the fourth quarter. Fewer available shares could mean a higher stock price and less dividends paid to shareholders for Apple.
The news of the stock buyback seemed to please Wall Street. Apple shares jumped from $418 to $439 on Wednesday and have stayed around that number as of this writing Thursday morning.