Cisco, Amazon shares rally on buybacks

SAN FRANCISCO — Amazon and Cisco both saw their shares rise in after-hours trading Wednesday after the companies announced share buyback schemes.

Cisco Systems (CSCO) rose as much as 7.5% in after-hours trading.

The computer networking equipment maker had better-than-expected earnings of 57 cents per share on $11.8 billion in revenue, reporting a 2% increase in quarterly revenue on Wednesday.

The company's board of directors approved a $15 billion increase to the authorization of its stock repurchase program, according to Cisco's 8-K filing with the Securities and Exchange Commission on Friday. The board had previously authorized up to $97 billion in stock repurchases.

Amazon (AMZN) stock rose 1.4% in after-hours trading as news of its $5 billion repurchase of the company's common stock spread.

The repurchase authorization replaces the previous $2 billion stock repurchase authorization, approved by Amazon's board of directors in 2010, the company said in its 8-K filed with the Securities and Exchange Commission Friday.