The article zorg1000 linked to gives a very good description.
The article kind of says this indirectly, but the main reason to buy back stock is to reward current shareholders. A company can reward shareholders in two ways: dividends or increases in stock price (through buying back shares). Either way the shareholder gets more value for their shares. I suppose the other big advantage is that they get a good price on their stock if they think it is undervalued. Perhaps a company would prefer to release the money as dividends if they think their shares are correctly valued or overvalued? That makes sense to me. Either way they are rewarding their shareholders though.
curl-6 bet me that PS5 + X|S sales would reach 56m before year end 2023 and he was right.
My Bet With curl-6
My Threads:
Master Thread, Game of the Year/Decade
Switch Will Be #1 All Time
Zelda Will Outsell Mario (Achieved)
How Much Will MH Rise sell?
My Bet With Metallox