Facebook sets $6 billion buyback; accounting chief to leave

California, United States Nov 19, 2016, 12.38 AM(IST)

The logo of Facebook is seen at the Cannes Lions Festival in Cannes, France. Photograph:( Reuters )

Social media giant Facebook on Friday set a $6 billion buyback programme for its Class A shares, beginning in the first quarter of 2017.

Facebook's shares were up 1.1 per cent at $118.24 in after-hours trading. The company had a market value of about $337 billion at close.

The company also said Chief Accounting Officer Jas Athwal had resigned, effective February 17. 

Athwal has spent nearly nine years at the company and was formerly the director of revenue at Yahoo. 

The company said it planned to launch a search for a replacement.