By Josh Beckerman
Adobe Systems Inc. has authorized a stock-buyback program of up
to $2 billion over the next three years.
The company, which makes Photoshop and Illustrator software,
said repurchases will include open-market transactions as well as
structured agreements with third parties.
The buyback authorization under a previous $2 billion program
has been exhausted. The company's market value is nearly $35
billion.
"As we continue to grow and execute on our key long-term goals,
we remain committed to returning value to our stockholders through
stock repurchases," the company said.
Adobe shares rose 2% to $71.40 in late trading.
Last month, Adobe posted higher earnings and revenue for the
November quarter, and the company has those metrics will grow
sequentially during every quarter of 2015.
It also reported plans at that time to acquire privately held
stock-photography website Fotolia for roughly $800 million as well
as strong growth in Creative Cloud subscriptions for the
quarter.
Write to Josh Beckerman at josh.beckerman@wsj.com
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