Facebook increases stock buyback program by $9 billion

  • Facebook will buy back up to $9 billion of shares.
  • This is in addition to a $17 billion buyback approved in 2017.
  • The company's stock rose slightly on the news.
Mark Zuckerberg, chief executive officer of Facebook, Dan Rose, vice president, partnerships at Facebook, and Sheryl Sandberg, chief operating officer of Facebook, attend the annual Allen & Company Sun Valley Conference, July 12, 2018 in Sun Valley, Idaho. 
Drew Angerer | Getty Images
Mark Zuckerberg, chief executive officer of Facebook, Dan Rose, vice president, partnerships at Facebook, and Sheryl Sandberg, chief operating officer of Facebook, attend the annual Allen & Company Sun Valley Conference, July 12, 2018 in Sun Valley, Idaho. 

Facebook is increasing its buyback program by $9 billion, the company disclosed in a Friday filing with the Securities and Exchange Commission.

The social media giant said its board approved the increase on Thursday. In 2017, the board signed off on share repurchases of up to $15 billion of its Class A shares with no expiration date.

Shares of Facebook climbed about 1.5 percent in after-hours trade. The stock has fallen 22 percent so far in 2018 after facing a series of scandals and flattening usage in North America.