CEO of Alphabet and Google Sundar Pichai during press conference at the Chancellery in Warsaw, Poland on March 29, 2022.
Mateusz Wlodarczyk | Nurphoto | Getty Images
Alphabet said on Tuesday that its board of directors authorized $70 billion in share repurchases, a major step up from last year’s authorization of $50 billion and authorization of $25 billion in 2019.
The announcement on Tuesday is a significant acceleration in the Google parent company’s strategy to return capital to shareholders through share buybacks.
Alphabet said it would take into account the stock price as well as market conditions when deciding when to repurchase its shares.
In 2021, Alphabet repurchased more of its own stock than any other public company except for Apple. Facebook parent Meta was third.
Alphabet stock dropped as much as 6% in extended trading after missing expectations for earnings and revenue.