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IBM adds $5 billion to share buyback program

Traders gather at the post that trades IBM on the floor of the New York Stock Exchange October 20, 2014. REUTERS/Brendan McDermid

(Reuters) - IBM Corp (IBM.N) said its board had approved a $5 billion share buyback in addition to the $1.4 billion remaining from its existing program.

The company has been criticized for pursuing buybacks at the expense of investment in new technology.

IBM spent $13.5 billion to repurchase stock in the first nine months of the year, more than double its net income.


(Reporting by Anya George Tharakan in Bangalore; Editing by Tresa Sherin Morera)