No, it will decrease the amount of money they have to pay out in dividends though... Theoretically the yield would decrease since the share price should increase as shares are bought back. That said, they did also announce a dividend increase which should counteract that.
Think about it in round numbers, if there are 1 billion shares and a $1 dividend it's $1bn per dividend payment. If they buy back 100m shares, the next dividend payment would be $900m.
tl;dr dividends are declared on a per share basis, not a total amount that is divided by the current number of shares.
