Amazon Plans Buyback

Amazon ( AMZN), whose shares have slumped 41% this year amid concerns about rising costs and competition, today said it would buy back as much as $500 million worth of its stock over the next two years.

Amazon, the No. 1 Internet retailer, has about 418.9 million shares outstanding, according to data on Yahoo! Finance.

Wall Street, which has questioned some recent Amazon moves including entering the low-margin grocery business, greeted the news favorably, sending the company's shares up 36 cents to $28.39 early Monday.

More from Technology

Worries About a Trade War Could Throw Wrench Into the Tech Stock Rally

Worries About a Trade War Could Throw Wrench Into the Tech Stock Rally

5 Stock Picks Under $10 for Millennials

5 Stock Picks Under $10 for Millennials

3 Apps Than Make Retirement Planning Fun for Millennials

3 Apps Than Make Retirement Planning Fun for Millennials

Decision on AT&T's Merger With Time Warner Marks a Monumental Week for M&A

Decision on AT&T's Merger With Time Warner Marks a Monumental Week for M&A

3 Things Amazon Still Hasn't Figured Out At Whole Foods 1 Year In

3 Things Amazon Still Hasn't Figured Out At Whole Foods 1 Year In