Is GOOGL Overbought?

July 9, 2024

Alphabet is having a tremendous year.

GOOGL shares are trading nearly +60% higher YoY and +240% higher than they were 5 years ago as the company ramps up revenue from advertising (think search and YouTube) and an expanding cloud segment.

We have 1 big question: has the stock got ahead of itself?

Let's break it down.

In 2023, Google generated $237.86 billion from its Google Ads platform. This platform enables advertisers to display ads, product listings, and service offerings across a vast network that includes Google's own properties, partner sites, and various apps.

Google dominated the global desktop search market with over 84% share as of September 2023, driving substantial advertising revenue. This strong market presence contributed significantly to its total revenue of $305.63 billion, primarily derived from search advertising.

Translation: Advertising is King at Google, driving nearly 80% of its revenue. While its Cloud segment is growing and contributing more each year, it accounted for ~10% of revenue in 2023.

Where do we see both major segments going from here?

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