Networking giant Cisco has announced that it will spend more than $3bn buying up its own stock over the next two years.
The San Jose giant believes that the stock is undervalued and that, if less of it is in circulation, its price will rise to a more reasonable level.
More than 7.3 billion Cisco shares are currently outstanding, and the company said it would begin its buy-back in the near future.
Industry observers believe the move is sensible given the firm's current balance sheet. However, they note that it will probably rule out much in the way of company take-overs or other forms of investment by Cisco in the short term.
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