The shares of Visa climbed 0.8 % on Thursday after the firm announced a $12 billion increase in its continuing share repurchase program.

From the previously allowed exercise, the corporation had $1.2 billion left. It now has $13.2 billion set aside for future share repurchases, according to the new authorization.

File:Visa Inc. logo.svg - Wikimedia Commons

The authorizations have no expiration date, and the repurchases will be carried out as needed at prices determined by the firm, according to a press statement.

It stated that the repurchases might be done through expedited programs, open market purchases, or privately negotiated arrangements.

Companies have been returning money to shareholders through buybacks and dividends utilizing cash from pandemic-fueled record earnings. By reducing the total number of shares available for trading, repurchases also help to boost earnings per share.

Visa returned $11.5 billion in dividends and repurchases in the fiscal year that ended September 30. It recorded a 10% increase in annual net revenue to nearly $24 billion.