Complete Story
04/25/2023
Alphabet Authorizes $70 Billion Buyback
Shares rose more than 3 percent in extended trading
Google parent company Alphabet said on Tuesday that its board of directors authorized $70 billion in share repurchases.
If Google ends up spending the entire amount on buybacks, it would represent a continuation of last year's pace. Alphabet announced $70 billion in share repurchases in April 2022.
Since then, Google has had to cut costs and lay off employees, citing "a different economic reality" and overhiring.
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