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Google Kicks Off Big Tech With A Bang
GOOGL gains over 7% in after-hours trading following its Q1 results. The business beat big on revenues but missed on earnings.
Google (GOOGL - Free Report) is an advertising powerhouse, and the stay-home initiative has boosted engagement. YouTube ad revenue grew by more than 33% YoY. Google’s total ad revenue increased by more than 10% YoY. The Google Cloud grew by a whopping 52% YoY and now makes up 7% of its topline.
How much will businesses be investing in ad space moving forward? Will the company be able to maintain the same level of engagement in the coming quarter?
The stock is sitting right above its 50% retracement level from recent highs to lows. I think that it is time to pull profits from GOOGL and wait for another leg down.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>