Cisco Systems Inc., the world’s largest network equipment company, said Friday it plans to buy back up an additional $10 billion of its shares, expanding its total stock repurchase program to $62 billion.

As of Sept. 7, the company had about 6.09 billion shares outstanding.

Shares rose 55 cents, or nearly 2 percent, to $29.80 in premarket trading, having closed Thursday at $29.30.

Since launching its repurchase program in September 2001 through Oct. 27, 2007, Cisco has repurchased and retired 2.3 billion shares at an average price of $19.89 each for a total price of $46.2 billion.