Yahoo Boosts Share Buyback Plan by $5 Billion

The Internet company has already purchased $5.3 billion worth of its shares in the past year.

Shares of Yahoo rose 2 percent in after-hours trading on Tuesday after the company said it has boosted its stock buyback program by $5 billion.

Yahoo has already purchased $5.3 billion worth of its shares, and in July it said it would buy 40 million shares from Third Point, the fund run by activist shareholder Daniel Loeb.

Yahoo also said on Tuesday it will raise $1 billion in convertible debt funding, which will mature in 2018.

On Tuesday, Yahoo shares fell 1 percent to $34.63 but were up 77 cents after the closing bell. The stock is up 74 percent so far this year.