American technology giant Alphabet, the parent company of Google, announced the payment of the first ever dividend to shareholders and a share buyback program worth $70 billion.
About this it is said in the company’s press release.
This marks a significant milestone for Alphabet, which has never paid a dividend since it was founded in 2015. The decision to pay dividends shows that the company has a stable financial position and is confident in its future prospects.
Alphabet’s financial performance for the first quarter of 2024:
- Revenue: $80.54 billion ($10 billion more than in the same period of 2023)
- Net income: $23.66 billion ($8.61 billion more than in the same period of 2023)
- Earnings per share: $1.89.
Details of dividend payments and share buybacks:
- Dividend: 20 cents per share
- Payment date: June 17, 2024
- Share repurchase program: up to $70 billion of Class A and Class C shares
Alphabet shares rose nearly 16% after the dividend and share buyback announcement, adding about $300 billion to the company’s market capitalization, which is valued at more than $2 trillion overall.
