Alphabet, formerly Google, sets share buyback, shares jump | Reuters

Alphabet, formerly Google, sets share buyback, shares jump | Reuters

Alphabet, formerly Google, sets share buyback, shares jump A prototype of Google's own self-driving vehicle is seen during a media preview of Google's current autonomous vehicles in Mountain View, California September 29, 2015. Reuters/Elijah Nouvelage By Deborah Todd and Steve Trousdale SAN FRANCISCO (Reuters) - Alphabet Inc, the new holding company for Google, introduced its first share buyback and beat Wall Street's profit forecast on Thursday, helped by solid progress in mobile and video advertising, sending the stock to its highest-ever level in after-hours trading. Revenue and profit well above analysts' average forecasts, along with the unexpected buyback, was welcomed by Wall Street, which is now betting on further growth. "They're in a great position in the overall advertising space, whether it's search, display or mobile," said Kerry Rice, a Needham & Co analyst. "They've got the right program to continue to grow at a solid pace and be dominant in those spaces.

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