Facebook to repurchase up to $6 billion of its stock
Facebook said it would repurchase up to $6 billion of its stock beginning early next year, USA Today reports.
The Facebook board approved the buyback on Friday, the social media giant said in a regulatory filing after the markets closed.
Facebook shares rose 1% to $118.40 in after-hours trading.
"The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities," Facebook said. "The program will be executed consistent with the company’s capital allocation strategy of prioritizing investment to grow the business over the long term."