(Corrects to remove attribution to Acme Packet in paragraph 3 and clarifies that the calculation of the number of shares that could be repurchased was based on the stock’s closing price on Thursday)
July 12 (Reuters) - Network gear maker Acme Packet Inc said it would buy back $200 million of its shares over the next twelve months.
Acme Packet shares, which have fallen 78 percent over the last year, rose 8 percent in after-market trading.
The company, which had $401.3 million in cash and equivalents at March end, could repurchase about 12.8 million of its common shares based on the stock’s Thursday closing price of $15.61 on the Nasdaq.
Acme Packet, which has a market value of $1.05 billion, had about 68.3 million shares outstanding as of March 31.
The company, whose customers include AT&T Inc, Verizon Communications Inc and Sprint Nextel Inc, last week forecast quarterly results below expectations, and warned of weakness in its North American business. (Reporting by Chandni Doulatramani in Bangalore; Editing by Viraj Nair)