Almost a year after its last announcement, Alphabet's board of directors has authorized a buyback of $70 billion worth of stock shares by Google, its parent company. The purchase is expected to be "executed from time to time, subject to general business and market conditions, and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans," according to the Q1 2023 earnings report. The goal of the buyback is to ultimately return capital to shareholders. Google's Q1 2023 earnings results beat EPS and revenue expectations and brought in $69.78 billion in revenue. Google stock ended the trading day slightly down but saw modest after-hours trading gains. This announcement comes almost a year after Google's previous $70 billion stock buyback, which was nearly triple the amount the company had purchased in 2019.