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.

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Source Fool.com