Date
24 July 2017
Amazon's buyback proposal more than doubles a repurchase plan approved by the board in 2010. Photo: Reuters
Amazon's buyback proposal more than doubles a repurchase plan approved by the board in 2010. Photo: Reuters

Amazon unveils US$5 bln stock buyback plan

Amazon.com Inc. is buying back as much as US$5 billion of its own stock.

The company said the proposal replaces its previous US$2 billion share-repurchase program the board approved in 2010, the Wall Street Journal reports, citing a regulatory filing.

Shares rose 1.4 percent to US$497.50 in after-hours trading, clawing back from a 19 percent fall in the past month, 

Last month, Amazon reported the largest quarterly profit in its 19-year history as a public company, driven by consumers eschewing brick-and-mortar retail for the convenience of ordering goods and services from their couch.

However, the results missed analysts expectations.

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