Symantec Authorizes $1 Billion Share Repurchase Program

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

"This program reaffirms our commitment to increase shareholder value and our confidence in the long-term strength of the company," said Enrique Salem, president and chief executive officer, Symantec. "Our business continues to generate healthy cash flow which allows us to be opportunistic in repurchasing shares."

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 $1.2 billion remaining in the current and newly approved program. Since 2009, Symantec has returned $2.2 billion to shareholders through the repurchase of more than 137 million of its shares.