Facebook plans to spend $9 billion more on stock buybacks

Market trading boards are seen at the Australian Securities Exchange in Sydney, Friday, February 9, 2018. ( AAP Image/Ben Rushton) NO ARCHIVING

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%.

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