Yahoo increases share buyback authorization by $5 billion

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      Technology News

      Marissa Mayer, President and CEO of Yahoo!, speaks on stage during a fireside chat session at TechCrunch Disrupt SF 2013 in San Francisco, CaliforniaBy Alexei Oreskovic SAN FRANCISCO (Reuters) – Yahoo Inc said it has increased its share repurchase authorization by $5 billion and that it planned to offer $1 billion in convertible notes. Shares of Yahoo increased 1.6 percent to $35.17 in after hours trading on Tuesday following the announcement. Yahoo has aggressively repurchased its common stock in recent quarters using cash obtained from selling a portion of its stake in Chinese e-commerce giant Alibaba Group. In the first nine months of 2013, Yahoo spent $3.1 billion on share buybacks.

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