- Bill.com's ( NYSE: BILL ) board has authorized the company to buy back up to $300M of its common stock, the financial automation software company said Thursday.
- "With our strong balance sheet and cash flow generation, we are well positioned to invest for our future growth prospects while also returning capital to shareholders and minimizing dilution," said Bill.com CFO John Rettig.
- However, the company's stock plunged 21% in after-hours trading after guidance for fiscal Q3 revenue of $245M-$248M trailed the consensus estimate of $250.7M.
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Bill.com adopts $300M stock buyback program