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

The buyback replaces the $2 billion repurchase program approved in 2010. The company had $763 million remaining under the previous plan.

The new buyback comes amid weakness in the stock, with shares down 28 percent from their recent high on Dec. 29, CNBC reported.

The company's shares rose 1.5 percent to $498 in after-hours trading.

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, The Wall Street Journal reported. However, the results missed analysts expectations.