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.
Facebook Inc. shares rose $1.92 (+1.40%) in after-hours trading Friday. Year-to-date, FB has declined -22.12%, versus a 0.06% rise in the benchmark S&P 500 index during the same period.
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