Cisco OKs $3-Billion Stock Buyback Plan

Cisco Systems Inc. said its board authorized a stock repurchase program of as much as $3 billion over the next two years, effective immediately.

The largest maker of computer-networking equipment, whose shares have declined 62% this year, has 7.3 billion shares outstanding.

“We have tremendous confidence in the financial systems of our country, in our industry and in our market-leading position both today and into the future,” Chief Executive John Chambers said.