Alphabet (NASDQ:GOOG), the parent company of Google, announced its first-ever dividend of 20 cents per share on Thursday, a move to return value to shareholders as it aggressively invests in data centers to enhance its capabilities in generative artificial intelligence (AI).
In addition to the dividend, Alphabet declared a substantial expansion of its share buyback program, authorizing an additional $70 billion repurchase of its Class A and Class C shares.
The tech giant also reported robust first-quarter financial results, surpassing Wall Street expectations.
Revenue reached $80.54 billion for the quarter ended March 31, exceeding the forecasted $78.59 billion.
This performance was driven by heightened demand for its cloud services amid the growing integration of AI technologies and steady advertising revenues.