Alphabet Authorizes $70 Billion Buyback

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Alphabet, the parent company of Google, announced on Tuesday that it had authorized a $70 billion share repurchase program.

Google parent company

Alphabet

The company announced on Tuesday that the board of directors has authorized a $70 billion share repurchase program.

If Google spends the full amount on buybacks it will be a continuation.

Last year's pace

Google announced a $70 billion share repurchase in April 2022.

Google had to reduce costs and layoff employees since then citing a "different economic reality".

Overhiring

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Alphabet stated that it would consider the stock price and the current market conditions in deciding whether to buy its own shares, both of Class A stock and class C.

Class A shares were the original Google shares issued that had voting rights. Class C shares, on the other hand, are newer shares without voting rights.

Alphabet's stock increased by over 3% after extended trading.

Company reported Revenue

Wall Street was surprised by the results.

In 2022, Alphabet r

E-Buys more of its own Stock

Apple is the only company that comes close.

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