JD.com Announces $2 Billion Stock Buyback
In the face of the COVID-19 sell-off, Chinese e-commerce giant JD.com (NASDAQ: JD) announced a new $2 billion share repurchase program on Tuesday. This comes after the company reported strong numbers for the fourth quarter, with revenue up 26.6% year over year.
In a press release, JD said that the buyback would be financed by its existing cash balance, and it's got plenty. At the end of December, JD had over $9 billion in cash and short-term investments and generated $2.8 billion in free cash flow last year.
Image source: JD.com.
Source Fool.com
