• 13/06/2024 03:08

Alphabet announces first-ever dividends and $70 billion share buyback

Google's parent company announced its first-ever dividend payments and $70 billion share repurchase, according to a company press release.

Alphabet announced first-ever dividends and share buybacks worth $70 billion

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Alphabet in the first quarter of 2024 received revenue of $80.54 billion, which is more than $10 billion more than in the same period of the previous year.

In addition, the company's net profit increased to $23.66 billion compared to $15.05 billion last year. On a per-share basis, it is $1.89.

Alphabet also announced plans to pay a quarterly dividend of 20 cents per share and approved additional repurchases of its Class A and C shares in the amount of up to $70 billion. Payment dividends are scheduled for June 17.

An almost 16% rise in Alphabet shares following the report pushed Alphabet's share price up by about $300 billion to more than $2 trillion in capitalization, an all-time high.

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