Apple has approved an additional $30 billion in share buybacks till at least the end of 2015 and allowed a seven-for-one stock split, according to Reuters.
The iPhone-maker's decision came as more and more people have called for the company to increase its buyback program.
Apple also approved an approximate 8 percent increase in its quarterly dividend to $3.29 per share, according to Reuters.
Shares of the company jumped 7 percent to $56.51 in after-hour trading. They have remained around the $500 to $550 range since the beginning of the year.
Investor Carl Icahn has been one of the more vocal investors calling for Apple to increase its buyback program.
He took to Twitter to voice his approval after the announcement.
Apple confirmed on April 23 sales of 43.7 million iPhones in the quarter that ended in March, besting the 38 million Wall Street prediction.
The news caused a 4.6 percent increase in revenue to $45.6 billion, a new record for any non-holiday quarter, according to Reuters.
Apple is reportedly preparing to debut two new iPhone devices this year, one with a 4.7-inch screen and one with a 5.5-inch display.
Rumored specifications include: bezel-free design, processor and camera upgrades, and a more durable, sapphire screen.
Apple has not confirmed any rumors regarding its next iPhone devices yet, including release dates, specifications, and especially screen sizes.
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