Alphabet last night announced its first ever dividend and a $70 billion stock buyback, cheering investors who sent the stock surging nearly 16% after the bell.
The Google parent is returning capital while spending billions of dollars on data centres to catch up with rivals on generative artificial intelligence. The dividend will be 20 cents per share.
Alphabet's after-hours share surge of nearly 16% following the report increased its stock market value by about $300 billion to over $2 trillion. The search firm's beat on first-quarter revenue was powered by rising demand for its cloud services on the back of increasing adoption of artificial intelligence and steady advertising spending.
Meanwhile, Google Cloud revenue grew 28% in the first quarter, boosted by a boom in generative AI tools that rely on cloud services to deliver the technology to customers. Despite the surge in capital expenditures, Porat said operating margin in 2024 would be higher than last year, without elaborating.
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