The market is about to get flooded with extra Apple shares. Apple on Wednesday announced a seven-for-one stock split, which means that shareholders will receive six additional shares of Apple stock for every share they now own. The split will go into effect on June 2nd this year. The company also said it would be upping its share buyback program to $90 billion. Both of these announcements came as part of Apple’s latest quarterly earnings report where it posted an EPS of $11.62 on revenue of $45.6 billion. Apple shares surged by more than 8% in after-hours trading following the announcements.

Prior to joining BGR as News Editor, Brad Reed spent five years covering the wireless industry for Network World. His first smartphone was a BlackBerry but he has since become a loyal Android user.