In this photo illustration, the Facebook logo is displayed on the screen of an iPhone in front of a Meta logo on October 28, 2021 in Paris, France.
Chesnot | Getty Images
Facebook parent Meta Platforms said in its fourth-quarter earnings statement on Wednesday that it has increased its share repurchase authorization by $40 billion.
In 2022 the social network operator bought back about $28 billion in stock, according to the statement.
The company began buying back shares in 2017, according to FactSet, but ratcheted quarterly buybacks up above the $10 billion mark for the first time in 2021, as growth from the Covid pandemic helped double net income. Meta has yet to start paying a dividend to shareholders.
Meta’s fourth-quarter results surpassed analysts’ revenue estimates, which helped send shares up more than 17% after hours.
This is breaking news. Please check back for updates.