Apple plans to buy back $100 billion in shares, the company announced Tuesday.

The move comes as Apple beat quarterly revenue and profit projections from analysts and as the company reaps the benefits of massive tax cuts from the Republican tax law.

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The new buyback comes on top of an existing plan to repurchase $210 billion worth of shares.

The company increased its dividends by 16 percent as well, raising them to 73 cents a share.

The moves are in step with Apple's pledge to bring more money back to the U.S. from its vast overseas cash reserves, after Republicans slashed the corporate tax rate.

The law allows the company to repatriate overseas profits at a lower tax rate.

Apple is expected to see a $47 billion windfall from the tax law.