Alphabet increased revenue and announced a $70 billion share buyback
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Alphabet, the parent company of Google, increased revenue in the first quarter of 2023 by 3%. This indicator exceeded market forecasts. Demand for cloud services grew, and advertising sales increased more than expected. The company’s board of directors approved a buyback of shares worth up to $70 billion, Reuters reports.
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Investors cheered the buyback plan, sending Alphabet shares up 4% in after-hours trading before paring gains to trade up 1.6%.
Alphabet reported a slight drop in first-quarter advertising sales from a year ago to $54.55 billion, which, however, beat analysts’ estimates of $53.71 billion.
It was the third such decline for the company since it went public in 2004, but the second in a row after a 3.6% drop in advertising sales in the fourth quarter.
Alphabet reported an increase in earnings per share of $1.17, which exceeded the average estimate of $1.07 per share.
The revenue of the Google Cloud service increased by 28% to $7.45 billion.
Alphabet’s net profit decreased by 8% to $15.05 billion compared to $16.44 billion a year earlier.
Source: Ministry of Finance
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