Alphabet Inc (Google) shares have advanced from $1515 above $1800 in less than three weeks and the current price stands around $1742. Google has found strong support above $1500 and the pandemic has only solidified the position of this company further.
Fundamental analysis: Google has increased revenues and profit in Q3
Google, LLC specializes in internet-related services and it is considered one of the Big Five technology companies in the U.S. Even in this pandemic environment, the business of the company is going well and the price of the stock is near record levels.
Google reported a larger than expected Q3 adjusted profit and a 14% Y/Y increase in revenues. The revenue of the company has increased to $46.17B in Q3 while Q3 GAAP EPS was $16.40 (beats by $5.19) which is very good.
According to the latest news, Google will offer its users to open a bank account through Google Pay in order to take a share in territory currently occupied by banks and apps. Google has already partnered with Citi (NYSE: C) and Stanford Federal Credit Union on providing mobile bank accounts and the company will continue to offer peer-to-peer payments.
Mastercard is also extending the Google Pay service as the contactless transactions have jumped above 78% across Europe.
“Delivering choice and innovation in payments is an important part of how we improve people’s everyday life. With hygiene becoming a high priority for many people, we are delighted to join forces with Google to provide the people we serve some ease, speed and peace of mind,” said Milán Gauder, executive vice president of product and innovation, Europe at Mastercard.
Some analysts say that Google is still undervalued relative to the market and