Adobe’s Board of Directors has approved a new stock repurchase program that authorizes the company to repurchase in aggregate up to 20 million shares of the company's common stock.

The board has also authorized an additional $500 million in funds to repurchase shares under its existing stock repurchase program designed to offset dilution from stock issuances.

“After a review of Adobe's financial position and cash flow projections, our Board concluded additional stock repurchases are consistent with our commitment to deliver value to our stockholders,” said Mark Garrett, chief financial officer of Adobe.

The buy back scheme is one way in which Adobe can return cash to shareholders.

On 2 March Adobe had cash and cash equivalents of approximately $2.3 billion, as well as 603.2 million shares of stock outstanding.