Facebook's (FB - Get Report) board has approved a share repurchase program of up to $6 billion in shares of the social media giant's class A common stock, the company said in a regulatory filing on Friday.
The Menlo Park, Calif.-based company will begin buying back shares in the first quarter of 2017, and hasn't given a fixed expiration date to the program. Facebook noted that the timing and number of shares repurchased could vary, depending on stock price, general business and market conditions and other investment opportunities.
By the close of the third quarter of 2016, Facebook had roughly 2.92 billion common shares outstanding.
Additionally, Facebook's Chief Accounting Officer Jas Athwal announced on Friday that he would resign after nearly nine years with the company. Athwal will step down effective February 17, 2017.
Facebook will begin a search for a new CAO in the meantime, with Athwal helping with the transition.
The stock slid 0.65% to $117.02 in regular trading on Friday, as the company grapples with concerns over fake news plaguing the social media site during the 2016 election cycle as well as announcements that Facebook miscalculated its advertising metrics.
Jim Cramer and Jack Mohr, portfolio managers for the Action Alerts PLUS Charitable Trust Portfolio, said in a report Wednesday that the errors in metrics won't impact Facebook's revenue or balance sheet, "but rather, if anything, would only potentially impact brand image."
"We believe these fears are overblown," Cramer and Mohr added.
Shares of Facebook were rising 1.05% to $118.25 in after-hours trading on Friday. The stock is up about 12% year-to-date.