Facebook parent Meta announces $40 billion stock buyback

Facebook genitor Meta Platforms said successful its quarterly net statement connected Wednesday that it has accrued its stock repurchase authorization by $40 billion.

In 2022 the societal web relation bought backmost astir $28 cardinal successful stock, according to the statement.

The institution began buying backmost shares successful 2017, according to FactSet, but ratcheted quarterly buybacks up supra the $10 cardinal people for the archetypal clip successful 2021, arsenic maturation from the Covid pandemic helped treble nett income. Meta has yet to commencement paying a dividend to shareholders.

Meta's fourth-quarter results surpassed analysts' gross estimates, which helped nonstop shares up much than 17% aft hours.

During the 4th Co-founder and CEO Mark Zuckerberg said Meta was laying disconnected 13% of employees arsenic the institution was moving to "become a leaner and much businesslike company." Meta's gross has present declined twelvemonth implicit twelvemonth for 3 consecutive quarters, starring it to go much cost-conscious.

This is breaking news. Please cheque backmost for updates.