Facebook Expands Share Buybacks by $9 Billion -- WSJ
December 08 2018 - 3:02AM
Dow Jones News
By Patrick Thomas
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (December 8, 2018).
Facebook Inc. said Friday it approved a plan to boost its
share-buyback program by $9 billion.
The social-media giant had previously authorized repurchases of
up to $15 billion of the company's class A common stock in 2017.
This is the second increase to its repurchase program this year. In
April, it boosted the program by $9 billion.
In the first nine months of 2018, the company used $9.39 billion
to buy back 54 million shares of its class A common stock,
according to its quarterly filing with the Securities and Exchange
Commission on Oct. 31. At the time, it said it had $3.54 billion
remaining in the program.
In the securities filing announcing the increase, the
social-media giant said the repurchase program doesn't have an
expiration date.
The buyback announcement comes as Facebook's share price has
declined about 37% since its peak in July amid privacy concerns,
questions about the company's handling of data and an overall slide
in tech stocks.
Facebook shares, which closed Friday at $137.42, rose 0.7% in
post-market trading.
(END) Dow Jones Newswires
December 08, 2018 02:47 ET (07:47 GMT)
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