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Google (GOOGL) announces plan for additional $70 billion share buyback

If this story sounds familiar, that's because Google also did this almost a year ago to this date.

Ozzie Mejia

April 25, 2023 1:39 PM

Google

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Google parent company Alphabet has been busy as it reports in with its Q1 2023 earnings. On Tuesday, Alphabet's board of directors has authorized a buyback of $70 billion USD worth of stock shares. If this story sounds familiar, it's because this is happening almost a year to the day after Google announced a different $70 billion stock buyback.

The following was posted in the Google Q1 2023 earnings report:

On April 19, 2023, the Board of Directors of Alphabet authorized the company to repurchase up to an additional $70.0 billion of its Class A and Class C shares in a manner deemed in the best interest of the company and its stockholders, taking into account the economic cost and prevailing market conditions, including the relative trading prices and volumes of the Class A and Class C shares. The repurchases are expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans.

As noted, this comes almost a year to the day after Google's previous $70 billion stock buyback. At the time, it was noted that it was nearly triple the amount the company had purchased in 2019.

Google's Q1 2023 issued its earnings results on Tuesday. They beat EPS and revenue expectations, finishing with a $69.78 billion revenue total on a decreased operating income and margin. Google (GOOGL) stock finished the trading day slightly down, but has risen modestly in after-hours trading.

As noted last year, Google's stock buyback will aim to ultimately return capital to its shareholders. We'll be sure to follow any further breaking stories once Google goes live with its upcoming Q1 2023 earnings call. Keep it on Shacknews for any updates.

Ozzie Mejia

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?