The company's board also declared the third cash dividend in the current fiscal year.
Hewlett-Packard on Friday announced a $2 billion stock buyback.
The company said it intends to repurchase shares "opportunistically as a means of returning cash to its shareholders, as well as offsetting dilution from the issuance of shares under employee benefit plans."
"HP continues to generate strong cash flow from operations, with over $2.6 billion in the second quarter alone," Bob Wayman, executive VP and CFO, said in a statement. "This new authorization represents a strong vote of confidence in HP's future."
HP's board also declared a regular cash dividend of 8 cents per share on the company's common stock. The dividend, the third in the current fiscal year, is payable on July 7, to shareholders of record as of the close of business on June 16. HP has approximately 3 billion shares of common stock outstanding.
How Enterprises Are Attacking the IT Security EnterpriseTo learn more about what organizations are doing to tackle attacks and threats we surveyed a group of 300 IT and infosec professionals to find out what their biggest IT security challenges are and what they're doing to defend against today's threats. Download the report to see what they're saying.
Infographic: The State of DevOps in 2017Is DevOps helping organizations reduce costs and time-to-market for software releases? What's getting in the way of DevOps adoption? Find out in this InformationWeek and Interop ITX infographic on the state of DevOps in 2017.
IT Strategies to Conquer the CloudChances are your organization is adopting cloud computing in one way or another -- or in multiple ways. Understanding the skills you need and how cloud affects IT operations and networking will help you adapt.