Intel shares surged more than 4% in after hours trading after the semiconductor company announced a $20 billion share buyback program to repurchase 74 million shares. The news came as Intel reported better than expected quarterly earnings of $0.55 a share, three cents better than forecasts. Revenue for the semiconductor's fiscal second quarter rose 8% from the first quarter to $13.8 billion, in line with the company's guidance last month. Intel projected third quarter revenue of $14.4 billion, plus or minus $500 million, above analysts' expectations. Intel paid dividends of $1.1 billion in the second quarter. The company reported revenue from its PC client group rose 8 percent sequentially to $8.7 billion. TheStreet's Kathryn Mykelseth reports from New York.