Alphabet, the parent company of Google, bounced back from an absolutely dreadful day for tech shares, as its stock surged Thursday after the closing bell. All it had to do was to hand out billions of dollars to investors.
The tech giant announced its first quarterly cash dividend, saying it will pay $0.20 per share on June 17 to shareholders of record as of June 10, as well as a $70 billion share buyback. Buybacks and dividends help to boost stock prices by rewarding investors with cash just for holding the stock — but they’re widely criticized for artificially inflating the stock price without spending on employees or improvements to the underlying business.
But in addition to Google, multiple positive tech earnings reports on Thursday helped reverse what had been a sluggish day for tech stocks. Snap results Social media company Snap, the parent company of social media platform Snapchat, also saw its stock climb after-hours on the heels of a rosy first-quarter earnings report that beat Wall Street’s estimates. Snap reported revenue of some $1.19 billion for the first three months of the year, up 21% from the year-ago quarter.
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