Alphabet stock surges 25.4% fueled by Google Services strength

From Nasdaq: 2024-06-11 12:37:00

Alphabet’s GOOGL shares have surged 25.4% this year, outpacing the Computer & Technology sector’s growth of 19.4%. Google is enhancing its Google Services segment with new features in the Wallet app, aiming to capitalize on the growing global digital wallet market expected to reach $97.54 billion by 2033.
Alphabet is focusing on strengthening its Google Services segment, introducing new features like “Minimized Custom Tabs” for Chrome and a redesign of the YouTube Cast menu. Partnerships with Peloton Interactive aim to expand YouTube TV subscriber base. This segment’s strength is expected to drive Alphabet’s financial performance, with revenue estimates for 2024 showing a 15.2% increase year-over-year.
Investors should consider Alphabet stock due to its strong Google Services segment, cloud division, mobile search growth, and generative AI capabilities. Trading at a discount with a Zacks Rank #1 and Growth Score of B, the stock offers significant upside potential compared to industry peers.
Sources:
1. Nasdaq.com
2. Zacks.com



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