Facebook increases stock buyback program by $9 billion

Facebook is increasing its buyback program by $9 billion, the company disclosed in a Friday filing with the Securities and Exchange Commission.

The social media giant said its board approved the increase on Thursday. In 2017, the board signed off on share repurchases of up to $15 billion of its Class A shares with no expiration date.

Shares of Facebook climbed about 1.5 percent in after-hours trade. The stock has fallen 22 percent so far in 2018 after facing a series of scandals and flattening usage in North America.