Intel Corp (INTC)

[Sarmad]

>> At what point do you think outstanding shares will actually decrease?

Share count has decreased. The report shows "average share count". So in a quarter when end-of-q count is 120m shares less than start-of-q, the average will be only 60m less. Next q the full reduction will show up.

When per quarter buy-back is constant, this delay due to averaging does not matter. In a quarter when the quantity is very different, then it results in an apparent discrepancy that is not actually there.