Tech company’s shares rise as it plans to reward investors after strong quarterly results
Google’s parent company has hit a stock market value of $2tn as investors reacted to a declaration of its first ever dividend alongside strong results on Thursday.rose 10% in early Wall Street trading on Friday to give the tech group a stock market capitalisation – a measure of a corporation’s value – of more than $2tn. Alphabet last hit that level in intraday trading in 2021, but has yet to close above that benchmark after a day’s trading.
Russ Mould, the investment director at AJ Bell, an investment platform, said Alphabet joining the ranks of dividend-paying tech company was a “sign of the times”. “Big tech firms have enjoyed stellar growth over the past decade and while most remain highly innovative, their cashflows have become so strong that there’s oodles of money left over post-reinvestment in the business to reward shareholders,” he added.at more than $3tn; Apple at $2.6tn; and Nvidia, the leading chip supplier for AI products, at just more than $2tn. Apple also passed the $3tn mark last year.
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