Google (NASDAQ:GOOGL) Search Revenue Dropped More Than $2 Billion From Last Year

Google (NASDAQ:GOOGL) Search Revenue Dropped More Than $2 Billion From Last Year

$GOOGL #Google #Search #Advertising #USA #Nasdaq #Stocks #Trading

Google
Ticker: NASDAQ:GOOGL
Price: $1538.37

Company News

Google parent company Alphabet warned in last quarter that it was expecting to see the impact of coronavirus in the second quarter results, and it did: the company saw its first revenue decline in its history. But it managed to beat Wall Street’s revenue expectations.

Total revenue for the quarter was $38.3 billion, versus the $37.4 billion expected, but that marks a 2 percent decline from the second quarter of 2019. Net income dropped to $6.9 billion, from $9.9 billion a year ago,. Revenue for Search was $21.3 billion, down from $23.6 billion.

Alphabet added approximately 4,000 new employees, making the full-time workforce consist of 127,498 during the second quarter. That doesn’t include contractors. Porat said that the company will continue to decelerate year-over-year headcount growth.

Google is also facing antitrust probes along the same lines by the Department of Justice and 50 attorneys general investigating Google company’s search and Android businesses. That is expected to result in legal action that could span issues ranging from its search product to digital advertising marketplace.

When analysts asked about this on the call, CEO Sundar Pichai said “I think the scrutiny is going to be here for a while.” He added that the company will “adapt.”

Price Performance

Relative Valuation

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 1,612.67.

The projected lower bound is: 1,470.63.

The projected closing price is: 1,541.65.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 46.9610. This is not an overbought or oversold reading. The last signal was a sell 13 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 57.68. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 96 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -5. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 4 period(s) ago.

Rex Takasugi – TD Profile

ALPHABET INC A closed up 14.860 at 1,538.370. Volume was 15% below average (neutral) and Bollinger Bands were 50% narrower than normal.

Open       High       Low         Close       Volume
1,497.970  1,540.890  1,495.170   1,538.370   1,802,121
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period      50-period       200-period
Close:           1,532.14       1,465.33        1,356.84
Volatility:      32             31              46
Volume:          1,485,182      1,792,156       1,992,487

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

ALPHABET INC A is currently 13.4% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future.

Our volume indicators reflect moderate flows of volume into GOOGL.O (mildly bullish). Our trend forecasting oscillators are currently bullish on GOOGL.O and have had this outlook for the last 17 periods.

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