Amazon Outlines $5 Billion Stock-Buyback Plan

Amazon.com Inc. said its board authorized the repurchase of as much as $5 billion of the online retailer's stocks.

The company's shares, which have fallen 19% in the past month, rose 1.4% to $497.50 in recent after-hours trading.

In a regulatory filing, Amazon said the latest stock-buyback plan replaces its previous $2 billion share-repurchase program that the board approved in 2010.

Late last month, Amazon reported the largest quarterly profit in its 19-year history as a public company, as more consumers eschew brick-and-mortar retail for the convenience of ordering goods and services from their couch. However, the results missed analysts expectations.

Write to Tess Stynes at tess.stynes@wsj.com