Google drops plan to offer bank accounts

  • Alphabet (GOOG, GOOGL) is backing off from ambitious plans to offer bank accounts to its users, the WSJ reports.
  • The tech giant has looked to move into personal banking for a couple of years, and a relaunched version of the Alphabet Pay app last November offered users the chance to open "Plex" accounts in partnership with Citigroup (C) and Stanford Federal Credit Union. It planned to add 11 new partners this year.
  • The accounts would be branded both by Alphabet and the banks, sync with Alphabet Pay and offer users data on spending and savings.
  • But the company missed a number of deadlines and saw its internal champion for the project exit in April, the WSJ notes.
  • Alphabet instead will now focus on 'delivering digital enablement for banks and other financial services providers rather than us serving as the provider of these services."
  • And Citigroup says those on the Plex waiting list will be pitched with other accounts, and Citi will look for other ways to work with Alphabet in the future.

    Over the current book year the company from Mountain View's total revenue could be around 250.72 billion USD (consensus estimates). This is hugely more than 2021's revenue of 182.53 billion USD.

    Historical revenues and results Alphabet plus estimates 2021

    koersdata

    The analysts expect for 2021 a net profit of 68.73 billion USD. The majority of the analysts expects for this year a profit per share of 100.91 USD. Based on this the price/earnings-ratio is 27.7.

    For this year analysts don't expect the company to pay a dividend. The average dividend yield of the internet companies equals a low 1.45 percent.

    Latest estimates around 3300 USD

    Goldman Sachs , KBC Securities and Credit Suisse recently provided recommendations for the stock.

    Alphabet 's market capitalization is around 838.23 billion USD. 85

    On Friday the stock closed at 2795.71 USD.

    Historical stock prices Alphabet2007-2021

    stock price alphabet

    ValueSpectrum.com News Wire & Equity Research: +31 084-0032-842
    news@valuespectrum.com

    Copyright analist.nl B.V.
    All rights reserved. Any redistribution, duplication or archiving prohibited. analist.nl doesn't warrant the accuracy of any News Content provided and shall not be liable for any errors, inaccuracies or for any actions taken in reliance thereon.

    • Other stock news
    Analysts expect over 2024 revenue increase Alphabet
    Alphabet this year on track for record sales
    Will ChatGPT be the end of Google’s search engine?
    Google buys startup Raxium for future AR, MR devices
    Google, Oracle to join Amazon and Microsoft on Pentagon cloud bids
    Analysts expect over 2021 rising revenue Alphabet
    Google Pay makes cross-border payment push with Western Union and Wise
    Sector news
    Analysts foresee more revenue Roularta, relatively high dividend
    Analysts expect over 2024 revenue increase Alphabet
    Analysts expect revenue increase Cars.com Inc
    Wolters Kluwer this year on track for record sales
    RELX's sales on record level according analysts' estimates
    Alphabet this year on track for record sales
    Analysts estimate for 2023 decreasing sales Comcast
    National news
    NXP reaps benefits from FRAMOS collaboration
    Tesla net onder de 500.000 cars per year
    Analysts expect over 2024 revenue decrease Caterpillar
    Analysts expect sales decline Biogen
    Analysts anticipate for 2024 on revenue increase Cognizant
    Analysts expect over 2024 growing sales Colgate-Palmolive
    Analysts expect over 2024 revenue expansion Patterson-UTI Energy, relatively high dividend
    Press news
    Test News
    Original-Research: THE NAGA GROUP AG (von NuWays AG)
    Original-Research: Marley Spoon Group SE (von NuWays AG)
    Swiss Re agrees to sell iptiQ's European P&C business to Allianz Direct
    PNE sells Papenrode wind farm to Qualitas Energy
    clearvise AG shows stable operating performance in the first nine months of 2024 and confirms full-year outlook
    Exasol achieves positive EBITDA for the third consecutive quarter, full-year outlook confirmed and substantiated
    Logoanalist
    Returns European stocks
    Crypto currencies information
    About us Network Partners
    Fpgroup.nlinfo@analist.nlRSS feedContactIntellectual Property Photos Analist.nlLinksISIN
  • Glossary
    		• MorningstarPrudena.comAAII.comNASDAQvwd GroupEuronextBATS Chi-xBats
    ©2024 ValueSpectrum. All Rights Reserved
    Developed and maintained by  Velainn logo