(Bloomberg) -- Facebook Inc. said it plans to buy back $9 billion more of its shares, in a bid to boost confidence in the company after a recent stock slump.
Facebook shares have fallen almost 40 percent since the social-media giant said in July that it expects growth to slow and profit margins to narrow in coming years. Its main social network is reaching a saturation point, so it needs to explore new types of business models. The company has also been facing scandals over its handling of misinformation and user data.
Facebook said in a regulatory filing that its board had previously authorized share repurchases of up to $15 billion as part of a program started in 2017. The $9 billion buy back announced on Friday is in addition to those prior authorizations, the company said.
Facebook shares rose 1.4 percent in extending trading. Earlier on Friday, the stock closed at $137.42 in New York.
To contact the reporter on this story: Sarah Frier in San Francisco at sfrier1@bloomberg.net
To contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Alistair Barr, Molly Schuetz
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