New York—AOL Inc.'s board has approved a $250 million stock repurchase program. The program began Aug. 10.
The announcement of the stock repurchase program was made Thursday. AOL's share price closed that day at $11.47, up 12.2% over the previous day's close.
Despite reporting growth in advertising revenue in the second quarter on Tuesday, AOL's stock price tumbled that day, closing at $11.19 per share, down 25.7% from the previous day's close.
“We are continuing the disciplined execution of our strategy and have confidence in our future growth prospects,” said Tim Armstrong, AOL chairman-CEO, in a statement.