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Alphabet announces $8.59B stock buyback

Alphabet Inc.'s board authorized the company to repurchase up to an additional $8.59 billion of its class C capital stock.

The repurchase 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, the company said in a Form 8-K filed Feb. 1.

Alphabet reported fourth-quarter and full-year 2017 earnings, with a big impact from the Federal Tax Act implemented at the end of the year. The company reported revenues of $32.3 billion in the fourth quarter, up 22% from $26.06 billion a year ago. For the full year, revenue was $110.86 billion, compared to $90.27 billion in the prior year.