Cisco to repurchase $3bn stock

The board gives its blessing...

Cisco Systems board of directors has given the go-ahead to repurchase up to $3bn of stock over the next two years. Cisco, the world's largest manufacturer of computer networking equipment, said in a statement that the programme is effective immediately. John Chambers added that his company has confidence in the industry overall and believes Cisco will maintain its strong position. Cisco said it now has around 7.3 billion shares outstanding.