The buyback plan at Alphabet is increased by $70 billion.

According to a statement released by Alphabet on April 19, 2023

The Board of Directors of Alphabet authorized the company to repurchase up to an additional $70.0 billion of its Class

Class A and Class C shares in a way that it determined to be in the best interests of the business and its stockholders. 

This decision was made after considering the financial cost and the current market environment

Subject to general business and market conditions, as well as other investment possibilities

It is anticipated that the repurchases will occasionally be carried out  Through open market acquisitions or privately negotiated transactions, including through Rule 10b5-1 plans.

As cloud service demand increased and ad sales performed better than anticipated, Alphabet Inc. announced on Tuesday that it would repurchase $70 billion worth of its stock.

The company also reported first-quarter revenue above projections. Investors applauded the buyback proposal, driving up shares of the parent company of Google by around 4% in after-hours trade