Associated Press/Bebeto Matthews

Best Buy's holiday quarter beat on the top and bottom lines.

The big-box retailer's board approved a new $3 billion share buyback plan.

Shares surged nearly 15% on Wednesday to the highest level since November.

Watch Best Buy trade live.

Best Buy reported quarterly earnings and revenue on Wednesday that topped analysts' expectations, sending shares rallying 15% to a three-month high.

The Minnesota-based retailer said its board authorized a $3 billion share buyback plan, and plans to spend between $750 million and $1 billion on share buybacks during its fiscal year 2020.

Share repurchases are on track to top a fresh record this year, according to Bank of America Merrill Lynch. Firms announced more than $1.1 trillion in buybacks last year.

Here's what Best Buy reported, compared with what Wall Street was expecting, according to analysts surveyed by Bloomberg.

Adjusted earnings per share (EPS): $2.72 versus $2.56 estimated

$2.72 versus $2.56 estimated Revenue: $14.8 billion versus $14.69 billion estimated

The company said its comparable sales grew 3% in the fourth quarter, and 4.8% for the full year. It also raised its quarterly dividend by 11%, to $0.50 a share.

Best Buy has fallen 3% over the past year, underperforming the SPDR S&P retail exchange-traded fund, which has gained 1%. However, the retailer is up 32% this year.

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