Buyback activity continued to decline with only 7 companies announcing stock buybacks last week. Considering most companies announce buybacks when reporting earnings, this drop is expected. Salesforce (CRM) announced a $10 billion buyback, the most significant buyback in dollars. The buyback represents around 6% of its market cap at announcement. This is the company’s first-ever share repurchase program. Commenting on the company’s performance during the second quarter of fiscal 2023, Marc Benioff, Chair and Co-CEO of the company said,
“We had another strong quarter, with revenue of $7.7B growing 22% year-over-year and 26% in constant currency, showing yet again the durability of our business model. And, we’re thrilled to initiate our first-ever share repurchase program to continue to deliver incredible value to our shareholders on our path to $50 billion in revenue in FY26.”