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Facebook to buy back $6 billion in stock; shares bounce after hours

Facebook will buy back up to $6 billion in stock, starting in the first quarter of 2017, SEC filings show.

The board of directors authorized the repurchase program of Class A common stock, which does not have an expiration date, according to the filings.

Shares of Facebook were last up nearly 1 percent after hours.

Separately, the company announced its chief accounting officer, Jas Athwal, would resign effective Feb. 17, after nearly 9 years with the company. The company said it will launch a search for a new accounting chief, assisted by Athwal.