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Cisco Board OKs Up to $5 Billion in Stock Repurchases

The Internet hardware maker's authorization amounts to $25 billion in total in repurchases of its common stock.
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(CSCO) - Get Cisco Systems, Inc. Report

authorized up to $5 billion in additional repurchases of its common stock on Thursday, according to its board. The move brings the company's current share buyback program to a total of $25 billion.

Cisco, based in San Jose, Calif., said in a release that there was no termination date for the stock-buyback program and that purchases would be made in the open market, through block trades or other means.

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Depending on market conditions and other factors, purchases may be commenced or suspended at any time or from time to time without prior notice, the release said.

On Tuesday, the networking giant announced

pro forma earnings of 19 cents a share on revenue of $5.6 billion. Analysts were expecting Cisco to have pro forma earnings of 18 cents a share on revenue of $5.55 billion.