After the close, Microsoft announced that its Board of Directors approved an incremental $40BN share repurchase program and confirmed that the company is on track to exhaust it's current $40BN authorization by the end of 2016. The buyback represents roughly 9% of Microsoft's outstanding shares. The company also announced a $0.03 (8%) increase in its quarterly dividend. Per the press release:

The board of directors also approved a new share repurchase program authorizing up to $40 billion in share repurchases. The new share repurchase program, which has no expiration date, may be terminated at any time. The company reaffirmed that it is on track to complete its current $40 billion stock repurchase program by December 31, 2016.

The incremental buybacks for Microsoft come just a couple of months after the company was forced to lay off 5,000 people due to lackluster smartphone sales and a corresponding restructuring of its sales force. 

Microsoft stock traded up only slightly (1%) after hours on the announcement. 

Pushing MSFT back to its opening price only... not very impressive...

Microsoft started its buybacks in 2008 when the stock traded around $25 per share and has continued buying with the shares now over twice the original price. 

The news comes just a month after Microsoft completed its largest bond offering ever, selling $20BN of new notes with maturities ranging from 10 - 30 years and yields ranging from 2.42% - 3.75%.