© Reuters
By Davit Kirakosyan
Investing.com — Here is your Pro Recap of the biggest share-buyback announcements you may have missed last week: repurchases at Airbnb, Devon Energy , Valvoline, and Old Republic.
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Airbnb announces $2.5 billion stock buyback, shares drop following Q1 earnings
Airbnb (NASDAQ:) announced a $2.5B stock buyback program, as InvestingPro reported in real time. Shares dropped more than 10% on Wednesday and closed the week with a 12% loss after the company reported its Q1 results.
While of $0.18 missed the Street estimate of $0.20, the revenue of $1.8B came in better than the analysts’ estimate of $1.79B, and Nights and Experiences booked hit a record high with over 120M.
The company guided Q2 revenue in line with the Street estimate but cautioned that growth in the quarter will be limited due to tough comparisons following the pandemic-fueled demand seen last year.
Devon Energy expands stock buyback to $3B
Devon Energy (NYSE:) hiked its shares repurchase program by 50% to $3B and declared its quarterly dividend.
The company reported its Q1 earnings last Monday, with of $1.46 and revenue of $3.82B coming in above the Street estimates. However, shares closed the week with more than a 5% loss.
2 more buybacks
Valvoline (NYSE:) announced that it has commenced a modified “Dutch auction” tender offer to repurchase up to $1B in value of shares of its common stock at $35-$40.
Shares jumped more than 12% on Wednesday after the company posted better-than-expected Q2 .
Old Republic International (NYSE:) announced on Friday that its Board of Directors has authorized a $450M share repurchase program.
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