Yahoo Finance Alphabet (GOOGL) Adds Latest Feature to Google Keep App
Alphabet’s GOOGL division Google added a feature for text formatting to its Android and web note-taking application, Google Keep.
The new feature offers a more complex approach to documents, allowing users to use bold or italicized text for easier understanding.
Further, it comes with headers options, such as H1 and H2, allowing users to format bold, italicized and underlined text and split thoughts into sections, with a few new buttons for more customization.
These useful attributes are expected to bolster the adoption rate of Google Keep in the days ahead.
We note that the latest move has added strength to the company’s Google Services segment.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Stiff Competition
We believe that the new feature added to Google’s note-taking app is a strategic move to compete with its industry peers like Microsoft MSFT and Apple AAPL.
Microsoft recently integrated its newly introduced in-house built AI system, Copilot, into its note-taking app, Microsoft OneNote.
This new update enhances the appearance of digital notebooks, enables content organization, adjusts formatting and highlights key points using your own words, offering an edge to the company’s note-taking app.
Similarly, Apple’s introduction of new features to its Apple Notes app remains noteworthy. The features enable Apple users to take quick notes on their iPhones and organize notes in a Smart Folder.
Strength in Google Services
Apart from the latest move, the company recently unveiled new automation features to the Google Home application, which enable customers to use various signals from their smart home devices, sensors and electric vehicles.
Further, Google’s expansion of its free streaming lineup on Google TV will likely aid it to capitalize on the growing demand for free ad-supported streaming TV channels. This remains a major positive.
All the abovementioned endeavors are expected to continue aiding the performance of the Google Services segment.
Revenues from the Google Services business increased 5.5% year over year to $66.3 billion, accounting for 88.8% of the total second-quarter revenues.
Our model projects Google Services revenues for 2023 at $267.05 billion, reflecting growth of 5.3% from 2022.
We believe that strength in the underlined segment will likely aid its overall financial performance. This, in turn, is expected to instill investor optimism in the stock.
Our model estimate for 2023 total revenues stands at $300.45 billion, indicating growth of 6.2% from 2022.
Alphabet has gained 53.8% on a year-to-date basis compared with the industry’s growth of 52.9%.
Zacks Rank & Stock to Consider
Currently, Alphabet carries a Zacks Rank #3 (Hold).
A better-ranked stock in the broader technology sector is Applied Materials AMAT, which carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Applied Materials have gained 58.1% in the year-to-date period. AMAT’s long-term earnings growth rate is projected at 6.10%.
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