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Investing.com - Citizens maintained its Market Outperform rating on Alphabet (NASDAQ:GOOG), the $2.87 trillion tech giant, with a price target of $290.00. According to InvestingPro data, the company maintains excellent financial health with strong profitability metrics and is trading near its Fair Value. Investors should note that Alphabet will report its next earnings on October 29.
The research firm noted that YouTube experienced its first-ever decline in global time spent, falling 1.2% year-over-year since Citizens began tracking this metric.
Citizens attributed the potential drop in YouTube engagement to competition from social media platforms, specifically highlighting Instagram and TikTok as key competitors.
The firm’s data showed TikTok’s global time spent accelerated to 8.7% year-over-year growth, representing an 1,100 basis point increase from the previous year.
Citizens clarified that its tracking data does not include connected TV (CTV) viewing time, which represents a significant segment of YouTube consumption.
In other recent news, Google has been designated with strategic market status by the UK’s Competition and Markets Authority (CMA) for its general search and search advertising services. This designation acknowledges Google’s significant market power in these areas, although it does not cover the company’s Gemini AI assistant. Furthermore, Google disclosed that a hacking campaign targeting Oracle’s business products has impacted dozens of companies, resulting in the theft of large amounts of customer data.
In an effort to enhance workplace productivity, Google has launched Gemini Enterprise, a new AI platform that connects to company data, workflows, and employees. The platform offers a conversational chat interface for interacting with company documents and applications. Additionally, Google has announced a substantial investment of €5 billion ($5.82 billion) to expand its data center operations in Belgium, which will create 300 new full-time jobs.
The company is also investing in AI training initiatives for small businesses across the United States, emphasizing the importance of AI tools for business success. These developments highlight Google’s ongoing efforts to expand its technological capabilities and market influence.
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