Google is on the verge of announcing its Q3 earnings reports on October 29. The investors have already started to make bold predictions, adding that with Google’s exceptional cloud growth and performance, its stock will also soar once the reports deliver the rosy data news. Here’s what to expect regarding the GOOGL earnings report that is set to arrive this month.
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Google: Upcoming Q3 Reports Spells Optimism, Analyst Says
Google is gearing up to announce its September quarter earnings on October 29th, spreading wild anticipation in the market. Per Seeking Alpha, several analysts have already started to explore the possible data announcements, with experts claiming a bullish GOOGL outlook.
Regarding the technicalities, Google may announce its new data. Experts forecast revenue of about $86 billion and operating profits of $27.4 billion, which shows year-on-year growth of nearly 12% and 14%, respectively.
The metrics have been derived after careful analysis of Google’s past performance. The search engine noted a spike in its users this year, with YouTube reporting staggering growth metrics outpacing competitors like TikTok and Instagram.
The macro backdrop that Google has established through advertising is said to be rosy in the Q3 earnings report, primarily due to the firm’s growing advertising revenue. To bring perspective to this development, the firm has generated nearly 78% in revenue via advertising, pushing Google to conquer new horizons.
“After discussions with six market participants who manage annual advertising budgets ranging from $200 thousand to $10 million, I calculate that overall ad spend in Q3 2024 could increase by approximately 12-13% YoY (budget-weighted growth derived from channel checks). This would position Google’s advertising revenue at around $66-67 billion for the September quarter, vs. $64.6 reported in Q2.”
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TipRanks GOOGL Forecast: When $200?
Google is the cheapest Magnificent 7 stock, trading under $165. The stock is set to surge and claim a high of $200 in the next 12 months.
“Based on 38 Wall Street analysts offering 12-month price targets for Alphabet Class A in the last 3 months. The average price target is $200.50 with a high of $220.00 and a low of $170.00. The average price target represents a 21.41% change from the last price of $165.14. Alphabet Class A’s analyst rating consensus is a strong buy. This is based on the ratings of 38 Wall Street analysts.”
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