Microsoft's share repurchase program, which has no expiration date, replaces its previous $60 billion authorization announced four years ago. Meanwhile, investors also cheered the news that shareholders of record as of Nov. 21 will receive a quarterly dividend of 83 cents per share, up from the current 75 cents a share.

Tech giant Microsoft revealed that its board of directors approved a new $60 billion stock-buyback program. The repurchase program has no expiration date and may be terminated at any time, according to the company’s statement.