CFO: “We believe this is a unique opportunity to invest in our company.”
AOL announced a $250 million stock buyback program Thursday after its share price fell to its lowest point since the company split from Time Warner in 2009.
'We believe this stock repurchase makes sense for both our company and our shareholders," said Tim Armstrong, the company's chairman and CEO.
"This announcement highlights both our strong balance sheet and free cash flow generation," said chief financial officer Artie Minson. "We believe this is a unique opportunity to invest in our company."
The plan calls for AOL to buy back stock from time to time over the next year. It comes after AOL stock closed Wednesday at $10.22 after a disappointing earnings report Tuesday and overall market volatility this week.