The board of directors at HP has authorized the buy-back of US$8 billion for share repurchases. According to HP, the move forms part of its ongoing program to manage the dilution created by shares issued under employee stock plans.

HP repurchased approximately US$1.6 billion worth of its shares in the third quarter and, as of July 31, 2008, had approximately US$3.0 billion of repurchase authorization remaining under the $8.0 billion repurchase authorization approved by the board in November 2007. The company plans to secure the remaining shares as and when they can be purchased from the holders.

HP has approximately 2.5 billion shares of common stock outstanding.