In its first earnings report as the new parent company, Alphabet revealed its earnings for the just ended fiscal quarter. And while the numbers were impressive, it seems investors are more than just happy with the new stock buyback program which the Google-parent announced.
The result? Google’s stock (at the time of writing this piece) went a staggering 11.8% in early trade taking the company’s market capitalisation, just past the $500 Billion mark (via 9to5 Google).
That essentially makes Google — world’s second most valuable company after Apple (which well, has a market capitalisation of over $660 Bn right now, but had that number past $700 B at its peak). Alphabet yesterday announced revenues of $18.7 billion in the second quarter, a 13% increase over the same period last year.
What however caught investor liking, was the announcement of buying back up to $5,099,019,513.59 of company’s Class C capital stock. As of now, Google’s stock is trading in the vicinity of $724-$726, thus helping in brushing company’s market capitalisation just past the $500Bn mark.