Nvidia to Buy Back $750M Shares

It is part of an effort to return $1 billion to shareholders this year

   

nvidialogo 300x221 Nvidia to Buy Back $750M SharesGraphics cards maker Nvidia (NASDAQ:NVDA) is speeding up its previously announced share buyback program.

The company will repurchase $750 million in shares under a new agreement with Goldman Sachs (NYSE:GS). Nvidia had said it was looking for ways to give $1 billion to investors during this fiscal year, Dow Jones notes.

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Nvidia’s first-quarter earnings jumped 29% compared to last year. Its shares have climbed 16% so far this year.

In January, Nvidia said it planned to launch a new handheld gaming console featuring a 5-inch screen. The company said it hoped to have the new console in stores during the second quarter.

Shares of Nvidia rose more than 1% on news of the accelerated share buyback, while Goldman Sachs climbed almost 3%.


Article printed from InvestorPlace Media, http://investorplace.com/2013/05/nvidia-to-buy-back-750m-shares/.

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