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Google (GOOGL) announces $70 billion stock buyback

Google parent company Alphabet continues its pattern of stock repurchases.
Ozzie Mejia
Ozzie Mejia
4

It's been an eventful Tuesday for Google (GOOGL) parent company Alphabet. On Tuesday, Alphabet's board of directors has authorized a buyback of $70 billion USD worth of stock shares. This continues a yearly trend of increased stock repurchases for the company, nearly tripling the amount it had purchased back in 2019.

The news comes according to CNBC. This follows a $25 billion share repurchase in 2019 and a $50 billion authorization in 2021. According to the CNBC report, Google will factor in the current stock price and market conditions before pulling the trigger on any share buybacks.

Google reported its Q1 2022 earnings results earlier today. Those results fell slightly below industry expectations. Wall Street projections were expecting a $68.10 billion USD quarter, but Google ultimately finished with $68.01 billion. The result led to GOOGL stock taking a steep drop in after-hours trading, dropping by as much as six percent.

Google GOOGL stock buyback

Google's stock buyback should put the company further down the road of returning capital to its shareholders. Alphabet continues to lead the way in repurchasing its own stock, putting it ahead of competitors Apple and Facebook. We'll continue to watch what's happening in the tech finance sector. Keep it on Shacknews for the latest updates.

Senior Editor
Senior Editor

Ozzie has been playing video games since picking up his first NES controller at age 5. He has been into games ever since, only briefly stepping away during his college years. But he was pulled back in after spending years in QA circles for both THQ and Activision, mostly spending time helping to push forward the Guitar Hero series at its peak. Ozzie has become a big fan of platformers, puzzle games, shooters, and RPGs, just to name a few genres, but he’s also a huge sucker for anything with a good, compelling narrative behind it. Because what are video games if you can't enjoy a good story with a fresh Cherry Coke?

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