[JDDunn9]

Market cap = shares outstanding * share price.

Reducing shares increases the price (while keeping market cap the same). Share splits increases the shares outstanding and decreases the price. So... yes, shares outstanding does matter.

[phyalow]

Now you are confusing outstanding shares with market float. Shares repurchased become treasury stock and are now apart of equity.

[JDDunn9]

Whether the company destroys the shares or retains them as treasury stock is irrelevant. Investors don't care if their share price went up by 10%, or if they effectively have 1.10 shares.