Facebook Inc. authorized the repurchase of up to $6 billion of its Class A shares, starting in the first quarter of 2017.

The company said buybacks will depend on factors such as price and market conditions, and may include open market or privately negotiated transactions.

Facebook had a market value of about $337.8 billion as of Friday afternoon. In after-hours trading, shares rose 1.3% to $118.51.

The company also said Chief Accounting Officer Jas Athwal will resign, effective Feb. 17.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

November 18, 2016 17:05 ET (22:05 GMT)

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