Hilton increases stock buyback program by $3.5 billion
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FILE PHOTO: Signage is seen outside of a DoubleTree by Hilton hotel in Manhattan, New York City, U.S., March 23, 2022. REUTERS/Andrew Kelly/File Photo
(Reuters) - Hilton Worldwide said on Thursday it had authorized the repurchase of an additional $3.5 billion worth of common stock under the hotel giant's existing repurchase program.
This brings the total amount currently authorized for future repurchases by Hilton to about $4.8 billion.
The move comes days after the company lowered its forecasts for annual room revenue growth and net income as weaker demand in China and disruptions to its U.S. business dulled the gains from steady demand in Europe and business travel.
Strong international travel demand has driven Hilton's shares more than 38% higher since the start of the year.
(Reporting by Abhinav Parmar in Bengaluru; Editing by Devika Syamnath)
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