Symantec Authorizes $1 Billion Share Repurchase Program

Symantec Corp. announced that its Board of Directors has approved a $1 billion share repurchase program.

"This action reflects the confidence we have in our cash flow generation and our ongoing commitment to increase shareholder value," said Enrique Salem, president and chief executive officer, Symantec.

This open-ended program is effective immediately. Repurchases will be made in accordance with applicable securities laws in the open market or in privately negotiated transactions. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.

Symantec has approximately $57 million remaining under the current program. Since June 2007, when the previous share authorization was approved, Symantec has repurchased more than $1.9 billion of its shares.