05:02 PM EDT, 04/25/2024 (MT Newswires) -- (Updates with launch of dividend program, share buyback details starting from fifth paragraph. Updates stock move.)

Alphabet (GOOG) reported Q1 earnings late Thursday of $1.89 per diluted share, up from $1.17 a year earlier.

Analysts polled by Capital IQ expected $1.51.

Revenue in the quarter ended March 31 rose to $80.54 billion from $69.79 billion a year earlier.

Analysts surveyed by Capital IQ expected $78.70 billion.

Alphabet said its board authorized the launch of a quarterly cash dividend program, declaring a dividend of $0.20 per share, payable on June 17 to shareholders of record on June 10 on each class A, class B, and class C shares.

Alphabet also said its board authorized the company to buy back up to an additional $70 billion of its class A and class C shares.

The repurchases will be executed from "time to time," subject to market conditions, it said.

The company's shares were rising past 13% in after-hours activity.

Price: 182.04, Change: +24.09, Percent Change: +15.25