Chip maker Intel Corp. said Monday its board increased its stock buyback authorization by $10 billion less than a week after reporting strong quarterly results.

The buyback increase brings the total authorization to $14.2 billion.

The Santa Clara, Calif., company also declared a regular quarterly dividend of 18.12 cents, reflecting a previously announced increase of 15 percent.

Last week Intel, the world's biggest maker of PC processors, reported a 48 percent jump in fourth-quarter net income driven by strong corporate spending. Results surpassed analysts' expectations, and Intel also predicted revenue for the first quarter and 2011 ahead of the average estimates.

Intel said the dividend is payable March 1 to shareholders of record as of Feb. 7. Intel had about 5.58 billion shares outstanding as of Oct. 22, 2010, according to a regulatory filing.

Shares of Intel rose 24 cents to $21.06 in morning trading. The stock has traded in a 52-week range of $17.60 to $24.37.