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    Home»News»Snapchat announces a $500 million share buyback plan in the second-quarter results announcement
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    Snapchat announces a $500 million share buyback plan in the second-quarter results announcement

    Abhishek YadavBy Abhishek YadavJuly 23, 2022Updated:July 23, 2022No Comments2 Mins Read
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    Snapchat announces a $500 million share buyback plan in the second-quarter results announcement

    Snap Inc. released its financial summary for the second quarter of this year on Thursday. The social media juggernaut revealed a number of goals and upgrades it put into place during the time period as it wrapped up the quarter at the end of June. The results announcement featured a share repurchase program of around $500 million as one of its key attractions. Snap also gave important news to the board of directors of the company on the approval of a new program. According to reports, this proposal calls for a single stock repurchase of up to $500 million worth of the company’s Class A common stocks. The main idea is that these stock buybacks would take place over short periods of time and be mostly voluntary.

    As stated, this must be accomplished through open market transactions, which may also include trading plans in accordance with Rule 10b5-1. Alternately, it could be done through transactions that are privately negotiated and adequately abide by any applicable securities regulations. A number of factors would determine the duration and precise quantity of shares that were bought back. These consist of stock prices, the state of the market and economy, etc.

    For the upcoming calendar year, the repurchases under this plan are now authorized. The program, however, is subject to changes, suspensions, and even probable termination at any time. The goal of the repurchase plan is to fully utilize Snap Inc.’s strong financial sheet to offset some of the dilutions. This is the one involving the staff’s allocation of units of restricted stock. This was mostly an expansion of the whole compensation plan set up to make a good environment for ownership.

    The existing cash and cash equivalents are expected to be used to support the buyback under the plan. Snap had $4.9 billion in cash and equivalents at the end of the previous month. Marketable securities and restricted funds were also included in this fund.

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