Google surges after buying back billions of dollars of its own stock

After the bell on Thursday, Alphabet, the parent firm of Google, saw a sharp increase in its price, bouncing back from a very terrible day for IT companies.

In addition to announcing a $70 billion share repurchase, the internet behemoth declared its first quarterly cash dividend, which will be paid on June 17 to stockholders of record on June 10.

Google announced the news along with its first-quarter results report, which also revealed that it surpassed Wall Street estimates for sales and profitability.

FactSet predicts that revenue during the quarter was over $80.5 billion, up 15% from the same period the previous year and above the $78.75 billion experts had predicted.

Alphabet's efforts in artificial intelligence, which include the huge language model and suite of AI tools it calls Gemini, are credited by CEO Sundar Pichai with the success.

The parent firm of social media network Snapchat, Snap, also experienced a spike in its price after hours following a strong first-quarter earnings announcement that exceeded Wall Street projections.

For the first three months of the year, Snap recorded revenue of almost $1.19 billion, a 21% increase over the same period the previous year.

Snap is reorganizing to save expenses while also trying to enhance its advertising technology and services.