What the loss of Samsung search engine business could mean for Alphabet’s stock – CNBC
Analysts are still bullish on Alphabet despite a news report that Samsung is considering replacing Google as the default search engine on its devices. A weekend report from The New York Times said Samsung is thinking of switching its default search engine to Microsoft’s Bing. Samsung represents roughly 27% of the smartphone market and has a 60% share of Android phones, according to Barclays. Alphabet shares closed lower by more than 2% on Monday and are down less than 1% Tuesday. Barclays estimates that Samsung represents about $20 billion of Google’s gross revenue and $7.3 billion of operating income. If the cellphone maker were to move away from the search engine, Google may have to recapture 70% of lost queries organically to recoup the lost operating income, the firm found. But analysts at firms including UBS and Evercore ISI remain upbeat on Alphabet’s stock. They note that Samsung could simply be posturing in order to get a better deal from Google in their latest round of…
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source: https://news.oneseocompany.com/2023/04/18/what-the-loss-of-samsung-search-engine-business-could-mean-for-alphabets-stock-cnbc_2023041843706.html
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