Alphabet Inc. NASDAQ: GOOGL got a much-needed win from its first-quarter earnings report. Shares of GOOGL stock are up more than 11% in pre-market trading after the tech giant announced its first-ever dividend and expanded its share buyback program to $70 billion.

The 20 cents per share dividend will be paid on June 17 to holders of record on June 10. The dividend will apply to all three of the company's share classes. If projected over a full year, the dividend will have an 11% payout ratio based on current earnings estimates. That's comparable to the dividend paid by Apple Inc. NASDAQ: AAPL.

Alphabet is the latest "big tech" company to take steps to be more shareholder-friendly. In 2023, Meta Platforms Inc. NASDAQ: META proved to investors that it could be more disciplined in its spending and prioritized earnings.

Earnings have not been a problem for Alphabet, and the same was true in this earnings report. The company reported $1.81 in earnings per share (EPS), a 26% increase from the $1.56 expected and a 54% year-over-year increase.

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