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. 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.

All shareholders of record as of June 10 will receive the dividend the same month. Co-founder Sergey Brin, who owns more than 730 million Class B and C shares, will receive a $146 million payout. Co-founder Larry Page, who owns 389 million Class B shares, will get a dividend payment of $78 million. Investors have been looking for signs of maturity from technology firms. Every major tech firm announced layoffs and tightened spending beginning in 2022.

Source: Tech Daily Report (techdailyreport.net)

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