Amazon today announced that it plans to repurchase up to $5 billion in common stock.

The authorization on Wednesday replaces a $2 billion buyback program that Amazon’s board approved in 2010.

“The program allows the Company to repurchase its shares opportunistically from time to time when it believes that doing so would enhance long-term shareholder value,” Amazon noted in an SEC filing. “The repurchase authorization does not have a fixed expiration. Purchases may be effected through one or more open market transactions, privately negotiated transactions, transactions structured through investment banking institutions, or a combination of the foregoing.”

Shares of Amazon were up slightly in after-hours trading following the announcement. Over the past three months, shares are down more than 25 percent.