MOSCOW (Pakistan Point News / Sputnik - 27th April, 2022) Google parent company Alphabet has announced a gradual buyback of $70 billion worth of shares in the latest quarterly financial report.
"On April 20, 2022, the board of Directors of Alphabet authorized the company to repurchase up to an additional $70.0 billion of its Class A and Class C shares in a manner deemed in the best interest of the company and its stockholders, taking into account the economic cost and prevailing market conditions, including the relative trading prices and volumes of the Class A and Class C shares," Alphabet said in the report released on Tuesday.
The repurchases will be held from "time to time" through open market purchases and privately negotiated transactions, depending on "general business and market conditions and other investment opportunities," the report read.
According to the report, the revenue of Alphabet in the first quarter of 2022 increased from $55.3 billion to $68 billion compared to last year. At the same time, the net income over the same period decreased by some 8% from $17.9 billion to $16.4 billion.
Alphabet is an American technology holding company, the parent company of Google, Calico, CapitalG, DeepMind, Google Fiber, Isomorphic Labs, Waymo, X Development, and others. As of March 31, the company employed over 163,900 workers.
