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Alphabet Authorizes $70 Billion Buyback

Shares rose more than 3 percent in extended trading

Google parent company Alphabet said on Tuesday that its board of directors authorized $70 billion in share repurchases.

If Google ends up spending the entire amount on buybacks, it would represent a continuation of last year's pace. Alphabet announced $70 billion in share repurchases in April 2022.

Since then, Google has had to cut costs and lay off employees, citing "a different economic reality" and overhiring.

Please select this link to read the complete article from CNBC.

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