NEW YORK, Sept 15 (Reuters Breakingviews) - Microsoft (MSFT.O) has options. The $2.3 trillion company announced a $60 billion share buyback on Wednesday, despite the fact that its stock has risen 50% in the past 12 months. But it has twice as much in its coffers and plenty of cash flow on the way. The software firm run by Satya Nadella is reloading its repurchase program after working through an earlier plan. This one may take several quarters, but it is relatively small compared with past years. In fiscal 2006 and 2007, for example, the company repurchased almost $50 billion of shares. Microsoft’s market capitalization was roughly one-seventh of its current value. That’s when investors feared Microsoft’s best days were behind it. But the shares’ run suggests they have faith. Microsoft has been able to make acquisitions without too much pushback from regulators , compared with fellow cash-rich tech companies read more . With analysts expecting free cash flow of $63 billion by the fiscal year end next June, according to Refinitiv, Nadella may find more creative ways to spend his cash. (By Robert Cyran) NEW YORK, Sept 15 (Reuters Breakingviews) - Microsoft (MSFT.O) has options. The $2.3 trillion company announced a $60 billion share buyback on Wednesday, despite the fact that its stock has risen 50% in the past 12 months. But it has twice as much in its coffers and plenty of cash flow on the way. The software firm run by Satya Nadella is reloading its repurchase program after working through an earlier plan. This one may take several quarters, but it is relatively small compared with past years. In fiscal 2006 and 2007, for example, the company repurchased almost $50 billion of shares. Microsoft’s market capitalization was roughly one-seventh of its current value. That’s when investors feared Microsoft’s best days were behind it. But the shares’ run suggests they have faith. Microsoft has been able to make acquisitions without too much pushback from regulators , compared with fellow cash-rich tech companies read more . With analysts expecting free cash flow of $63 billion by the fiscal year end next June, according to Refinitiv, Nadella may find more creative ways to spend his cash. (By Robert Cyran) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Trains deal has messy endgame read more UK growth may be more of a worry than inflation read more Darktrace emits travelling salesman omens read more NEW YORK, Sept 15 (Reuters Breakingviews) - Microsoft (MSFT.O) has options. The $2.3 trillion company announced a $60 billion share buyback on Wednesday, despite the fact that its stock has risen 50% in the past 12 months. But it has twice as much in its coffers and plenty of cash flow on the way. The software firm run by Satya Nadella is reloading its repurchase program after working through an earlier plan. This one may take several quarters, but it is relatively small compared with past years. In fiscal 2006 and 2007, for example, the company repurchased almost $50 billion of shares. Microsoft’s market capitalization was roughly one-seventh of its current value. That’s when investors feared Microsoft’s best days were behind it. But the shares’ run suggests they have faith. Microsoft has been able to make acquisitions without too much pushback from regulators , compared with fellow cash-rich tech companies read more . With analysts expecting free cash flow of $63 billion by the fiscal year end next June, according to Refinitiv, Nadella may find more creative ways to spend his cash. (By Robert Cyran) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Trains deal has messy endgame read more UK growth may be more of a worry than inflation read more Darktrace emits travelling salesman omens read more Yum China fries up bucket of consumption woes read more Amazon pay rise shows changing inflation dynamics read more