(Reuters) – Apple Inc has repurchased $14 billion worth of its stock in the last two weeks after disappointing first-quarter results, the Wall Street Journal reported quoting Chief Executive Tim Cook. Cook told the paper in an interview that Apple was surprised by the 8 percent decline in its shares on January 28, the day after it reported quarterly results. Lower-than-expected holiday iPhone sales and a weak revenue forecast by Apple renewed fears about lower Chinese demand and a tepid global market. With the latest round of purchases, Apple had bought back more than $40 billion of its shares over the past 12 months, which according to Cook was a record for any company over a similar span, the Journal said.
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