Alphabet soars 10% on strong earnings, first-ever dividend, $70 billion buyback

CNBC ^ | FRI, APR 26 202410:06 AM | Alex Koller

[Bobbyvotes]

Alphabet shares shot up Friday morning after the company posted better-than-expected first-quarter results and approved its first-ever dividend.

Alphabet shares shot up 10% Friday morning after the company posted better-than-expected first-quarter results and greenlit its first-ever dividend and a $70 billion buyback.

The company on Thursday reported revenue of $80.54 billion, a 15% increase from a year earlier and the fastest growth rate since early 2022, surpassing the $78.59 billion in sales expected by analysts polled by LSEG. Earnings of $1.89 per share eclipsed the $1.51 in earnings per share expected by Wall Street.

[Bobbyvotes]

Alphabet CEO Sundar Pichai during the Google I/O developers conference in Mountain View, California, on May 10, 2023.

[PeterPrinciple]

$70 billion buyback.

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That is one of the reasons stocks go higher. There is more money chasing few stocks.

Then inflation and other things.

[CapandBall]

I bought GOOGL in October 2020 ($81.21/share)… up 111.68% now.
Glad to hear it will start paying a divvy.