Facebook To Increase Stock Buyback By 9 Bln USD
Umer Jamshaid 7 days ago Sat 08th December 2018 | 05:32 PM
Facebook is investing 9 billion U.S. dollars to buy back its shares to shore up investor confidence, a filing with the U.S. Securities and Exchange Commission (SEC) said Friday.
SAN FRANCISCO, (UrduPoint / Pakistan Point News, app - 8th Dec, 2018 ) : Facebook is investing 9 billion U.S. Dollars to buy back its shares to shore up investor confidence, a filing with the U.S. Securities and Exchange Commission (SEC) said Friday.
The U.S. social media network said its board had approved the repurchase Thursday as an addition to previously authorized repurchases of up to 15 billion dollars in accordance with a program started in 2017.
The SEC report said the repurchase program does not have an expiration date.
Analysts at Goldman Sachs projected that stock repurchases will reach 1 trillion dollars this year, up 46 percent from 2017 on the back of tax reform and strong corporate cash flows involving U.S. tech and Internet-related firms.