Yahoo Finance Alphabet (GOOGL) Updates Workspace Apps With Toggle Feature
Alphabet’s GOOGL division Google added Material 3 features to Google Docs, Sheets, Slides and Meet in a bid to provide an enhanced experience to Workspace users.
The Material 3 features include the new toggle design switch. Users of Google Docs, Sheets and Slides leverage the switch in the editor’s overflow menu for print layout, suggested changes, available offline and star.
On the back of the toggle switch, Google aims to make visual presentation more accessible to users of Google Docs, Sheets and Slides.
The new toggle switch in Google Meet allows users to easily play with new buttons in Meeting settings.
The above-mentioned feature is expected to boost the adoption rate of Workspace applications in the days ahead.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Efforts to Bolster Google Workspace
The recent move bodes well with Alphabet’s consistent efforts toward strengthening the Google Workspace offerings, consisting of Gmail, Meet, Drive, Docs, Sheets, Slides and Contacts.
Google Workspace has been driving GOOGL’s momentum for a while across organizations, demanding productivity and collaboration tools.
Apart from the latest step, Google updated Google Docs with a purple underline feature, which provides users with suggestions for alternate word choice, active voice use, concise sentences, inclusive language and potential inappropriate words. With the help of this, Google is providing an improved writing experience to Google Docs users.
Additionally, Google updated Google Meet’s desktop experience in Chrome with picture-in-picture feature and multi-pinning skills to help presenters and attendees stay engaged in meetings.
All these endeavors are expected to continuously increase the demand for Google Workspace applications, which will likely to drive Alphabet’s top line in the near term.
Competitive Scenario
However, Alphabet faces intense competitive pressure from other major organizations like Microsoft MSFT and Apple AAPL, which also offer workspace tools, as well as productivity applications.
Microsoft, which has lost 28.1% in the year-to-date-period, offers powerful productivity and office tools to help users work, learn, organize and connect. Microsoft Outlook, consisting of webmail, calendaring, contacts and tasks services, helps users stay connected and productive anytime and anywhere. MSFT offers a video communication platform named Microsoft Teams with which users can schedule a meeting, a private appointment or vacations and update those in the calendar.
Apple moved down 25.5% in the same timeframe. AAPL’s iWork provides an office suite of applications for users to create word-processing documents, spreadsheets and presentations. Apple continuously updates iWork with new features to help users seamlessly work with documents.
Microsoft and Apple’s growing efforts toward work and productivity applications remain threats for Alphabet’s market position.
Shares of Alphabet have lost 38.5% in the year-to-date period, comparing unfavorably with the Computer and Technology sector’s decline of 35.8%.
Zacks Rank & Stock to Consider
Currently, Alphabet carries a Zacks Rank #4 (Sell).
A better-ranked stock in the broader Zacks Computer & Technology sector is Asure Software ASUR which sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Asure Software has gained 18.6% in the year-to-date period. The long-term earnings growth rate for ASUR is projected at 23%.
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