Marvell Technology Group reported a better-than-expected quarterly profit and said it would buy back $1 billion of shares.
Shares of Marvell, which has a market value of $6.88 billion, were up 6.6% in after-market trading on Thursday.
The chipmaker said the buyback would replace an existing $3.25 billion program, which had a balance of about $115 million.
Marvell MRVL 5.73% said it intends to buy back about $500 million of shares over the next 12 months.
