An apparatus has floating-point multiplying circuitry to perform a floating-point multiply operation to multiply first and second floating-point operands to generate a product floating-point value. Shared hardware circuitry of the floating-point multiplying circuitry is reused to also support a floating-point scaling instruction specifying an input floating-point operand and an integer operand, which causes a floating-point scaling operation to be performed to generate an output floating-point value corresponding to a product of the input floating-point operand and a scaling factor 2X, where X is an integer represented by the integer operand.