Intel Pauses Its $20 Billion Share Buyback Plan Due to the COVID-19 Pandemic
Semiconductor giant Intel (NASDAQ: INTC) is reacting to the COVID-19 pandemic by tapping the brakes on its massive share buyback program.
In an SEC filing early Tuesday morning, Intel said that it was suspending its stock repurchase operations "in light of the COVID-19 pandemic." The company added $20 billion to its buyback authorization in October, and had aimed to exhaust that additional cash in less than 18 months. Now, the company plans to conserve its cash assets through the difficult period ahead.
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Source Fool.com