The formula to calculate profit is: Total Revenue - Total Expenses = Profit. Profit is determined by subtracting direct and indirect costs from all sales earned.
Key for you is from all sales earned. Share-buyback is not a cost to operate. It is profit from the past that is carried over in an inventory (balance sheet)
If it was in reverse and the company sold shares is it more profitable?
Ann: On-Market Share Buy-Back, page-120
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| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| 5 | 419 | $9.56 |
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| $9.57 | 1965 | 18 |
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