Google Q3 2024 Preview: Relative Bargain, Consider Buying (NASDAQ:GOOGL)
Google's Q3 Earnings Preview
After a rough first half of 2023, Google (NASDAQ: GOOGL) is expected to report a solid Q3 2024. The company's core advertising business is still growing, and its newer businesses, like cloud computing and hardware, are starting to gain traction. As a result, Google's stock is trading at a relative bargain compared to its peers. To learn more, take a look at Google's earnings history.
Here's a preview of what to expect from Google's Q3 2024 earnings report:
Key Highlights
- Revenue is expected to grow by about 10% to $75 billion, driven by continued growth in advertising and cloud computing.
- Earnings per share are expected to grow by about 15% to $1.30.
- Google's cloud computing business is expected to continue to grow rapidly, with revenue expected to increase by about 50% year-over-year.
- Google's hardware business is also expected to grow, with revenue expected to increase by about 25% year-over-year.
Investing Strategy
Ahead of its Q3 earnings, Google is trading at a P/E ratio of about 20, which is below the average for its peer group. This makes Google's stock a relative bargain, especially considering the company's strong growth prospects. This is why it is important to diversify your portfolio.
Investors who are looking for a long-term investment in the tech sector should consider buying Google stock ahead of its Q3 earnings report. The company's core advertising business is still growing, and its newer businesses are starting to gain traction. As a result, Google's stock is expected to continue to perform well over the next few years.
Conclusion
Google is a well-established company with a strong track record of growth. The company's core advertising business is still growing, and its newer businesses are starting to gain traction. As a result, Google's stock is a relative bargain compared to its peers and is a good buy ahead of its Q3 earnings report.
