Alphabet issues first ever dividend, $70 billion buyback
Alphabet said Thursday that it’s issuing a 20-cent per share dividend, the company’s first ever, and that its board authorized the repurchase of up to $70 billion in stock.
Alphabet said Thursday that it’s issuing a 20-cent per share dividend, the company’s first ever, and that its board authorized the repurchase of up to $70 billion in stock.
The company’s move comes after Meta’s board authorized its first ever dividend in February. Google’s parent company had $108 billion in cash and marketable securities on hand as of March 31, 2024.
Shares shot up 15% in after hours trading. The news was announced alongside better-than-expected first-quarter earnings.
Alphabet authorized an identically sized repurchase exactly one year ago, during a period of intense cost-cutting and layoffs.
The dividend is payable to all class of shares, including super-voting Class B shareholders, as well as nonvoting Class C shareholders. Most Google investors own the company through Class A shares. All shareholders of record as of June 10 will receive the dividend the same month.
Rating: 5