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Cisco Adds $10 Billion to Buyback

Shares are rising 2%.
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(CSCO) - Get Cisco Systems Inc. Report

shares were on the rise early Friday after the networking giant said its board authorized up to $10 billion in additional repurchases of its common stock.

That increases the total amount available under the program to $62 billion. There is no fixed termination date for the buyback.

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"We have consistently generated strong cash from operations," said Dennis Powell, chief financial officer at Cisco. "This allows us to return a significant amount of cash to our shareholders in the form of stock repurchases while at the same time continue to make strategic internal investments and acquisitions to drive future growth."

Shares of Cisco were gaining 2.1% to $29.90 in premarket trading.