Alphabet would buy back USD 70 billion in stock as demands for cloud services rose and ad sales recorded better results than expected. Investors hailed the buyback plan and added their shares up to 4% higher. Sales for the unit also jumped to 28% recording USD 7.41 billion. Alphabet reported that its earnings per share reached USD 1.17, surpassing an average of USD 1.07 per share.
“Google surpassed revenue and earnings per share expectations this quarter, but reasons for investors’ optimism are modest,” said Insider Intelligence senior analyst Max Willens.
Read more: Google parent announces stock buyback, modest beat on ad sales
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