Google's (GOOGL) board authorizes a $70 billion increase to share buyback program
The company will be repurchasing up to $70 billion worth of its Class A and Class C shares in the months ahead.
Google was one of the latest large tech companies to report on its recent quarterly earnings results today. Its Q1 2024 earnings results spelled fairly good news for the company, but Google is also following what is now a four-year trend on its Q1 business: The company has, yet again, announced an increase in its share buyback program, authorizing an additional $70 billion for the program this year.
Google announced the additional authorized funds for its share buyback program in its Q1 2024 earnings results report on its investor relations website. In said report, Google announced the details of the increased authorized $70 billion for the program:
This marks the fourth year in a row that Google has authorized new funds for its share buyback program. It also authorized $70 billion apiece in funds for the program in Q1 2023 and Q1 2022. While Google does not necessarily use the entire approved $70 billion it has approved each year, it has spent an estimated total of $171.8 billion on stock repurchases over the last three years.
Google has been performing successfully quarter to quarter and posted strong revenue numbers on the backs of that success, so it looks like the share buyback program is set to continue to see increases as the company succeeds. Stay tuned for further financial reporting as other companies report on their recent quarterly earnings results, right here at Shacknews.
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replyTJ Denzer posted a new article, Google's (GOOGL) board authorizes a $70 billion increase to share buyback program
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Holy shit. This plus the dividend program is so fucked. Some rich people gonna get way richer.
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They're on the way out. Still, maybe this is similar to when a big whale dies in the ocean and it provides all the food for the smaller creatures to thrive. Money will stop being put into Google and instead be used to grow new businesses
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Think of how many cancelled products that could’ve made
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Related story about how they killed Google search https://www.threads.net/@randderuiter/post/C6H4578MGQl/
Didn’t realize their ceo was from McKinsey. Explains so many of their awful decisions. -
“See, we didn’t actually make that much money.”
“But don’t the buybacks come out of profits? And you just subtract them and then tell your staff you have no money for raises and bonuses?”
“As you can see from this graph, we didn’t actually make that much money.” -
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