When he was presented last week with how Microsoft had been using much of its cash in recent years, Steve Ballmer, the company's chief executive, seemed less than impressed.
Speaking at the company's annual analysts' meeting, John Connors, chief financial officer, had just outlined how the software company had used nearly $24bn to buy back its own stock over the past four years.
Much of that was spent near the peak of the technology stock bubble. And though Microsoft's shares have held up better than many in its industry, a fair number of the repurchases were done at prices far higher than the current level.
"That doesn't create shareholder value," joked Mr Ballmer. But while Mr Ballmer may have been joking, the buybacks have done little for the company's investors.
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