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Alphabet (GOOGL) Enhances Google Maps With New Color Palette
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Alphabet’s (GOOGL - Free Report) Google continues to enhance its Google Maps on the back of feature updates.
Google added a new color palette feature for its Maps application. The feature uses a lighter green color for parks and nature, in contrast with the off-white roads. It also uses a white tone for street crossings, which now appear at more zoomed-out levels.
Google also added some other features for its Maps application, including Immersive View for routes, detailed navigation and transit filters.
The color palette feature also uses a darker gray color with blue undertones for freeways, providing a thematic consistency with roads.
Alphabet strives to bolster its Google Services offerings on the back of its latest move.
The latest feature update can be seen as a strategic move to compete against its peers like Apple (AAPL - Free Report) and Microsoft (MSFT - Free Report) , which are also making concerted efforts to boost its Maps offerings.
Apple is enjoying the growing momentum of its Apple Maps offerings.
Notably, Apple introduced an offline navigation feature for its iPhone app suite, enhancing its comprehensive range of Maps services.
Meanwhile, Microsoft is riding on the success of Bing Maps with new feature updates.
Recently, Microsoft introduced live traffic reports for smartphone users via Bing Maps, providing notifications about accidents, suggested routes and departure times, either directly or through the Microsoft Start app.
Strengthening Google Services
Apart from the latest launch, Google introduced AI-powered features, including Stacks, in Google Photos to improve photo organization and categorization, reducing clutter in users' galleries.
Further, the company updated more than 20 first-party apps for large screens, enhancing Android tablet users' experience with features like dual-column User Interface and leveraged search results.
Additionally, Alphabet plans to release AI-powered insights for YouTube Studio next year, tailored to each channel's audience. Additionally, the platform will introduce an “assistive search” feature in Creator Music for easier music selection.
We believe that the abovementioned endeavors will bode well for Alphabet’s increasing efforts to boost the Google Services segment, which accounts for the majority of total revenues.
In third-quarter 2023, Google Services’ revenues increased 10.8% year over year to $67.99 billion, accounting for 88.6% of total revenues.
Our model projects fourth-quarter 2023 Google Services revenues at $72.79 billion, indicating growth of 7.3% from 2022.
Strong momentum in the underlined segment will likely aid its overall financial performance in the upcoming period. This, in turn, will instill investor optimism in the stock.
Our model estimate for fourth-quarter 2023 total revenues is pegged at $81.95 billion, indicating year-over-year growth of 7.8%.
Alphabet has gained 55.2% on a year-to-date basis compared with the industry’s rise of 54.7%.
Zacks Rank & Stock to Consider
Currently, Alphabet carries a Zacks Rank #3 (Hold).
Image: Bigstock
Alphabet (GOOGL) Enhances Google Maps With New Color Palette
Alphabet’s (GOOGL - Free Report) Google continues to enhance its Google Maps on the back of feature updates.
Google added a new color palette feature for its Maps application. The feature uses a lighter green color for parks and nature, in contrast with the off-white roads. It also uses a white tone for street crossings, which now appear at more zoomed-out levels.
Google also added some other features for its Maps application, including Immersive View for routes, detailed navigation and transit filters.
The color palette feature also uses a darker gray color with blue undertones for freeways, providing a thematic consistency with roads.
Alphabet strives to bolster its Google Services offerings on the back of its latest move.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Stiff Competition
The latest feature update can be seen as a strategic move to compete against its peers like Apple (AAPL - Free Report) and Microsoft (MSFT - Free Report) , which are also making concerted efforts to boost its Maps offerings.
Apple is enjoying the growing momentum of its Apple Maps offerings.
Notably, Apple introduced an offline navigation feature for its iPhone app suite, enhancing its comprehensive range of Maps services.
Meanwhile, Microsoft is riding on the success of Bing Maps with new feature updates.
Recently, Microsoft introduced live traffic reports for smartphone users via Bing Maps, providing notifications about accidents, suggested routes and departure times, either directly or through the Microsoft Start app.
Strengthening Google Services
Apart from the latest launch, Google introduced AI-powered features, including Stacks, in Google Photos to improve photo organization and categorization, reducing clutter in users' galleries.
Further, the company updated more than 20 first-party apps for large screens, enhancing Android tablet users' experience with features like dual-column User Interface and leveraged search results.
Additionally, Alphabet plans to release AI-powered insights for YouTube Studio next year, tailored to each channel's audience. Additionally, the platform will introduce an “assistive search” feature in Creator Music for easier music selection.
We believe that the abovementioned endeavors will bode well for Alphabet’s increasing efforts to boost the Google Services segment, which accounts for the majority of total revenues.
In third-quarter 2023, Google Services’ revenues increased 10.8% year over year to $67.99 billion, accounting for 88.6% of total revenues.
Our model projects fourth-quarter 2023 Google Services revenues at $72.79 billion, indicating growth of 7.3% from 2022.
Strong momentum in the underlined segment will likely aid its overall financial performance in the upcoming period. This, in turn, will instill investor optimism in the stock.
Our model estimate for fourth-quarter 2023 total revenues is pegged at $81.95 billion, indicating year-over-year growth of 7.8%.
Alphabet has gained 55.2% on a year-to-date basis compared with the industry’s rise of 54.7%.
Zacks Rank & Stock to Consider
Currently, Alphabet carries a Zacks Rank #3 (Hold).
A better-ranked stock in the broader technology sector is Badger Meter (BMI - Free Report) , sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Badger Meter have gained 35.1% in the year-to-date period. BMI’s long-term earnings growth rate is projected at 20.39%.