Alphabet Falls on Report Samsung Considering Bing as Default … – U.S News & World Report Money
(Reuters) – Alphabet Inc shares fell over 4% in premarket trading on Monday after a report that South Korea’s Samsung Electronics was considering replacing Google with Microsoft-owned Bing as the default search engine on its devices.
The report, published by the New York Times over the weekend, underscores the growing challenges Google’s $162-billion-a-year search engine business face from Bing – a minor player that has risen in prominence recently after the integration of the artificial intelligence tech behind ChatGPT.
Google’s reaction to the threat was “panic” as the company earns an estimated $3 billion in annual revenue from the Samsung contract, the report said, citing internal messages.
Another $20 billion is tied to a similar Apple contract that will be up for renewal this year, the report added.
Alphabet and Samsung did not immediately respond to Reuters’ requests for comment.
Google has for decades dominated the search market with a share of over 80%, but Wall Street…
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source: https://news.oneseocompany.com/2023/04/17/alphabet-falls-on-report-samsung-considering-bing-as-default-us-news-world-report-money_2023041743648.html
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