GOOG Stock Going High on Strengthening Cloud
Buz Investors Strengthening Cloud Alphabet Inc (NASDAQ:GOOG,GOOGL)-owned Google has been focusing on expanding its revenue sources and “Google Cloud” is an important part of this plan. As clear from the recently concluded Cloud Conference, the company is betting heavily on the lucrative enterprise market. GOOG stock has been inching gradually upwards and Google stock closed at $852.12 on Friday.
As an investor, the best part of investing in Google stock is that it not only has a strong moat, but also a huge potential for future growth. And it is here that things become more interesting. Although Google stock has not been a great performer of late, this should not distract you from looking at the big picture.
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In January, Google announced quarterly earnings that missed expectations, but revenues gained on account of a good showing by “YouTube” and mobile search. Alphabet also reported higher costs as it invested more in talent and core business.
Google is becoming serious about the enterprise market was evident from its Google Cloud Next ‘17 Conference, which concluded on March 10. It was a great show of how far the firm has come in enterprise cloud applications.
The company showcased an impressive list of new clients for its Google Cloud platform, with the major ones being Verizon Communications Inc. (NYSE:VZ), Walt Disney Co (NYSE:DIS), and Colgate-Palmolive Company (NYSE:CL). Google also announced a number of new and upgraded cloud services at the conference.
The company’s efforts of diversifying itself from the advertising business seem to be paying off as its non-advertising sales in the last quarter jumped by 62% year-over-year to $3.4 billion. This comprised of the sales from the Play, Cloud and hardware businesses
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