(Bloomberg) -- In a move fitting for one of the largest companies in the world, Apple Inc. just announced the biggest US buyback ever, saying its board approved an additional $110 billion in share repurchases.
With the announcement, the maker of iPhones tops its own record for largest buyback value announced in the US. In 2018, the tech giant authorized $100 billion in share repurchases, according to data compiled by market research firm Birinyi Associates that goes back to 1999.
“An astonishing number,” said Steve Sosnick, chief strategist at Interactive Brokers LLC. “Apple may be acknowledging that they are becoming a value stock that returns money to shareholders rather than a high powered growth stock that needs its cash for R&D or expansion.”
All told, Apple is responsible for the top six of the 10 largest share-repurchase announcements ever made in the US. The list also includes Chevron Corp. and Alphabet Inc.
Apple also reported quarterly results post-market Thursday that exceeded investor expectations. The company posted sales that were better than estimates and predicted that it would return to revenue growth in the current period. Apple also raised its quarterly dividend for the twelfth year in a row. That stoked hopes that the slowdown that's hit the company is easing.
Read: Apple Rallies After Company Forecasts Return to Sales Growth (2)
Shares rose as much as 7.9% in post-market trading. If the gains hold on Friday, the move would add more than $190 billion in market value.
The gains are a welcome reversal for Apple investors as the technology giant has lagged its Magnificent 7 peers this year through Thursday's close. Apple shares are down 10%, while the S&P 500 Index is up more than 6%.
--With assistance from Elena Popina.
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