updated 7/1/2010 9:55:59 AM ET 2010-07-01T13:55:59

The board of Yahoo Inc. has approved plans to repurchase up to $3 billion in stock over the next three years.

The Internet company bought back $385 million in stock in the first quarter. That's more than Yahoo spent on share buybacks in 2008 and 2009 combined.

The new buybacks, disclosed in a regulatory filing Wednesday, are one way for the Sunnyvale, Calif., company to signal confidence in its stock, Caris & Co. analyst Sandeep Aggarwal says in a note.

Aggarwal says its shares are likely to get a lift over the next year. He adds the online display ad market is recovering from the recession and Yahoo's search engine deal with Microsoft Corp. will help cut costs.

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