Amazon to buy back $5 billion of shares

Amazon.com Inc , the world`s largest e-commerce company, said on Wednesday its board authorized a $5 billion share buyback programme.

The buyback replaces the $2 billion repurchase programme 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.