Intel Corp. (INTC) said Thursday its board has approved a $15 billion increase in its authorized stock repurchase program.

The company had $4.7 billion remaining under its current repurchase plan.

Intel said in a statement that its capital allocation strategy remains unchanged. "Intel focuses on building value by first investing in itself and growing its capabilities. The company then looks to supplement and strengthen its capabilities through acquisition and strategic investments. Finally, Intel provides the return realized by these investments to its shareholders through its dividend program and opportunistic stock repurchases."

From 1990 through the third-quarter of 2018, Intel has returned approximately $177 billion to stockholders through dividends and stock repurchases, the company said.

Intel shares rose $1.02, or 2.17% to $48.11 in regular trading Thursday.