February 10, 2016 / 10:18 PM / 2 years ago

Amazon to buy back $5 billion of shares

(Reuters) - Amazon.com Inc (AMZN.O), the world’s largest e-commerce company, said on Wednesday its board authorized a $5 billion share buyback program.

    The buyback replaces the $2 billion repurchase program approved in 2010. The company had $763 million remaining under the previous plan.

    The company’s shares rose 1.5 percent to $498 in after-hours trading.

    Reporting by Kshitiz Goliya in Bengaluru; Editing by Anil D'Silva

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