Amazon.com said Wednesday it may buy back up to $5 billion in stock over the coming years.
Shares rose more than 2 percent in after-hours trading on the news. The company said the program does not have a set expiration time.
Amazon said this buyback would replace a $2 billion authorization from 2010.
As of Dec. 31 it had used just $1.24 billion of that prior program.
The new buyback comes amid weakness in the stock, with shares down 28 percent from their recent high on Dec. 29.
Please check back for further Amazon updates.
[“source -cncb”]