Google (GOOGL) announces $70 billion stock buyback

Published , by Ozzie Mejia

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'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.