Facebook plans to spend $9 billion more on stock buybacks

 marketwatch.com  12/07/2018 21:51:00   Jeremy C. Owens

Published: Dec 7, 2018 4:51 p.m. ET

Facebook Inc. FB, -1.58% has freed up another $9 billion for share repurchases, adding to $15 billion it had previously authorized to buy back its own stock. According to a filing with the Securities and Exchange Commission, the social-media giant's board approved the increased amount on Thursday, adding to a program that began in 2017. Share repurchases have been a popular way for companies to spend the extra profit received from the tax cuts enacted earlier this year, and Goldman Sachs has predicted that buybacks will hit $1 trillion this year. Facebook stock has struggled in 2018 amid a bevy of controversies, with shares declining 22.1% so far this year as the S&P 500 index SPX, -2.33% has gained 0.8%.

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.

« Go back