the company has certain amount of shares in circulation, and they currently own some amount they own themselves (rather than other shareholders like me and u) but most owned by shareholders of course. now they have extra cash and they bought back some of those shares from shareholders on market with a buy order during the day, then they cancelled/deleted some of the shares that they had themselves because they dont need to offer them to shareholders anymore.
basically they are reducing number of shares available in circulation because they are making money and dont need the money from shareholders anymore
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