Discover the communication services stocks with the biggest stock buyback authorizations last quarter, Q2 FY 2023
Xunlei Limited, a leading innovator of shared cloud computing and blockchain technology in China, recently authorized a share repurchase program known as the 2023 Share Repurchase Program. Under this program, Xunlei has the authority to repurchase up to US$20 million of its shares over the next 12 months. The Board of Directors will periodically review the program and make adjustments as necessary. In March 2022, Xunlei initially announced a share repurchase program, which allowed Xunlei to repurchase up to $20 million of its shares. As of March 31, 2023, approximately US$7.9 million had been spent on share repurchases. Xunlei plans to conduct the repurchases through various methods, including open market purchases, block trades, and privately negotiated transactions, depending on market conditions and in compliance with regulations. The buyback will be funded by Xunlei's cash balance, which was approximately US$258.3 million as of March 31, 2023. Xunlei's chairman and CEO, Mr. Jinbo Li, expressed confidence in Xunlei's business and outlook, emphasizing the Board's belief in Xunlei's operations and financial conditions.
SciPlay Corporation, a leading social casino gaming company, reported strong financial results for the first quarter of 2023, surpassing the social casino market and achieving record revenues. With a year-over-year revenue growth of 18% and increases in net income and AEBITDA of 31% and 21% respectively, SciPlay demonstrated its ability to generate strong cash flows. As a testament to their commitment to delivering value to shareholders, SciPlay completed a $60 million share repurchase program, returning capital to investors. SciPlay's exceptional performance in the first quarter can be attributed to strategic investments in growth drivers, innovative game development, and a focus on engaging entertainment experiences for players. The approval of a new $60 million share repurchase authorization indicates their confidence in sustaining profitable growth. Key highlights include the success of Jackpot Party Casino® and Quick Hit Slots® with record-breaking revenues, an increase in payer conversion rate, and new records in average monthly paying users and average monthly revenue per paying user. With consistent growth and strong financials, SciPlay remains poised for continued success in the social casino gaming market.
QuinStreet, Inc. (QNST), a renowned leader in performance marketplaces and technologies for the financial services and home services sectors, recently unveiled its decision to resume repurchasing shares of its common stock. QuinStreet has authorized a $40 million share purchase program, of which approximately $20 million is still available and authorized for stock repurchases. This strategic move, implemented through a 10b5-1 trading plan, demonstrates QuinStreet's confidence in its long-term business outlook, underpinned by the resilience of its underlying business model and financial position.
CANG: CANGO INC.
Industry: Internet Content & Information
Cango Inc., a prominent automotive transaction service platform in China, recently announced the authorization of a new share repurchase program. Under the "New Share Repurchase Program," Cango has been granted permission by its board of directors to repurchase up to US$50 million worth of its outstanding American depositary shares (ADSs) and/or Class A ordinary shares within the next 12 months, starting from April 25, 2023. These repurchases may be conducted through various methods, including open market transactions, privately negotiated deals, block trades, or other legally permissible means, depending on factors such as market conditions, trading volume, price, and Cango's financial needs. The board of directors will regularly review the program and may make adjustments as necessary. The funding for these repurchases will be sourced from Cango's existing cash balance. Prior to the New Share Repurchase Program, Cango had an "Existing Share Repurchase Program," which allowed for the repurchase of approximately 2,794,557 ADSs for approximately US$5.7 million. This program will remain in effect until its expiration on April 25, 2023.
TEGNA Inc. (TGNA) recently announced a $300 million accelerated share repurchase (ASR) program and a 20 percent increase in its quarterly dividend. These actions come after the termination of TEGNA's merger agreement with an affiliate of Standard General L.P., resulting in a termination fee of $136 million. TEGNA's Board of Directors and management are actively reviewing the return of additional excess capital accumulated during the pending merger. TEGNA will enter into an ASR agreement with JPMorgan Chase Bank, funded by its cash on hand, and it is expected to be completed by the end of the third quarter of 2023. The increased dividend, effective from future payments, brings TEGNA's total dividend payout growth to 63 percent since March 2021.
Alldata was sourced from LevelFields AI
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