During its last earnings call, Google (NSDQ: GOOG) CEO Eric Schmidt said that despite his company’s growing cash pile, stock buybacks were not under consideration. That, apparently, has changed in the wake of the company’s purchase of AdMob for $750 million in stock. Schmidt tells Bloomberg (via TechTraderDaily) that Google will buy back $750 million in shares once the AdMob purchase closes to offset the share dilution caused by the deal.

SEE ALSO: Google’s Schmidt: Company Will Once Again ‘Invest Heavily’

It’s the first share buyback ever for Google—although it’s unlikely to be a sign of things to come, considering that Schmidt said during the earnings call that “historically (stock buybacks) have often not achieved the objective that they’ve set out.” Still, worth noting, considering that when Google bought YouTube three years ago in an all-stock deal, it did not follow up that purchase with a stock buyback.