{"id":3492,"date":"2023-10-20T03:50:05","date_gmt":"2023-10-20T03:50:05","guid":{"rendered":"https:\/\/infundpros.com\/investment\/google-earnings-preview-ad-spending-is-accelerating-despite-antitrust-battle-with-feds\/"},"modified":"2023-10-20T03:50:05","modified_gmt":"2023-10-20T03:50:05","slug":"google-earnings-preview-ad-spending-is-accelerating-despite-antitrust-battle-with-feds","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=3492","title":{"rendered":"Google earnings preview: Ad spending is accelerating despite antitrust battle with feds"},"content":{"rendered":"
\n

Google parent Alphabet Inc. may have an antitrust problem, with a raft of U.S. Justice Department-led lawsuits, but that hasn\u2019t fazed its profit machine one bit. <\/p>\n

Expect more of the same Tuesday, when the search-engine dynamo reports third-quarter results.<\/p>\n

\n

\u201cWe believe Alphabet is well-positioned to capitalize on the digital ad trend, participate in the cloud\u2019s growth, innovate with AI, benefit from digital transformation and leverage a leaner cost structure,\u201d Monness Crespi Hardt analyst Brian White said in a mostly positive note Thursday. \u201cHowever, regulatory headwinds persist, and we believe the darkest days of this downturn are ahead of us.\u201d<\/p>\n

Advertising spending on Google search \u201caccelerated\u201d about 13% year over year in the third quarter because of better pricing and the strength of YouTube, Cowen analyst John Blackledge said in a Oct. 12 note that maintained an outperform rating and bumped Google\u2019s price target to $160 from $150. <\/strong>Blackledge based his conclusion on a survey of an ad agency that runs more than $1 billion in Google Search spending in retail and e-commerce in the U.S.<\/p>\n

The dominant search-engine business, which is the subject of an ongoing federal trial in Washington, D.C., continues to rack up billions of dollars in advertising sales despite an overall downturn in that market, and generative-AI projects are integrated into Google products.<\/p>\n

\u201cWe expect GOOGL will be an AI winner.\u00a0Shares have outperformed despite the onset of a DOJ trial and seemingly ramping infrastructure investment,\u201d Piper Sandler analyst Thomas Champion said in a note earlier this month. He added that AI is \u201cdriving new opportunities\u201d and core search includes Gen AI searches. <\/strong>Google\u2019s Duet AI assistant is being tested and could further drive new cloud revenue, Champion said.<\/p>\n

Alphabet
\n GOOGL,
\n -0.15%<\/bg-quote><\/p>\n

GOOG,
\n -0.22%<\/bg-quote>
\n posted its highest close in more than a year on Oct. 11 ($140.55) in the continuation of an October rally.<\/p>\n

\u201cWe believe GOOGL can grind higher even after a 58% YTD gain, thanks to: slowly accelerating ad rev growth on easing comps, supported by positive checks and notable strength in search; cloud rev benefiting from putting peak cost optimization behind; and AI tailwinds contributing in \u201924-\u201925,\u201d Jefferies analyst Brent Thill wrote in a note to investors Tuesday.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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