Down 22%, Is Alphabet Stock a Buy in 2023?

Motley Fool2023-02-01

As the home of such products as Google, YouTube, Android, Google Cloud, and more, Alphabet is an internet giant that will likely remain a dominant company long into the future.The company's stock sank...

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Comments

Bi Han
2023-02-02
Bi Han
Last year was the time to buy
Tanyl
2023-02-02
Tanyl
It is the time to in
YJ Lee
2023-02-02
YJ Lee
Ok
ericbqlee
2023-02-02
ericbqlee
😃
Andrewinho
2023-02-02
Andrewinho
🤭🤭🤭
LearnerAdi
2023-02-02
LearnerAdi
ok

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The move comes as multiple other tech companies have done the same, with Microsoft letting go of 10,000 employees and Amazon 18,000.Alphabet's job cuts amount to about 6% of its global workforce, with CEO Sundar Pichai explaining the company's employee count expanded too rapidly during the pandemic when revenue from digital services soared. However, macroeconomic headwinds in 2022 led worker growth to outpace revenue growth.While Alphabet's priority on boosting profits is positive, its recently proclaimed focus on artificial intelligence (AI) is especially promising for its long-term success. The desire to expand in AI comes after OpenAI's ChatGPT launched in November 2022, offering a new way to search the internet. It is rumored ChatGPT will be incorporated with Microsoft's Bing in the near future.While Alphabet has invested in AI in the past, this new competitor has motivated the company to make the technology a larger part of its business. 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Google Cloud revenue has risen 373% from $4.1 billion in 2017 to $19.2 billion in 2021. In Alphabet's latest quarter, Google Cloud reported the most year-over-year revenue growth in the cloud computing industry, rising 37.6%. Comparatively, industry leaders Amazon and Microsoft saw cloud-computing revenue growth of 27% and 20% in the same quarter. Alphabet suffered from its dependency on advertising in 2022 as businesses slashed budgets and global ad spending slipped. However, economic headwinds are temporary, and the company is slowly diversifying in the meantime. With a price-to-earnings ratio of about 18 compared to Amazon's 77 and Microsoft's 26, Alpahbet's stock is trading at a bargain and is too good to pass up. The company has the cash to overcome a looming recession, is home to potent brands, and will likely continue growing well into the future. 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