This aggressive capital deployment brings the firm’s total annual share repurchases to $7.5 billion. The decision follows a brutal market reaction to the company’s mixed third-quarter earnings report, which prompted management to lower its full-year growth outlook. Shares hit a 52-week low of $118.15 on Monday before rebounding slightly to close at $124.83.

Management maintains that the current valuation fails to capture the firm’s underlying financial health or its long-term prospects. With a market capitalization exceeding $76 billion, the company confirmed it will retain roughly $1 billion in dry powder for further repurchases even after executing this expanded quarterly plan.