It’s not been a rosy year for the world’s most popular search engine. Google has underperformed against its tech peers and notably the Nasdaq 100, where it gained about 15% vs. the index’s 32% return in 2020.
Although the COVID-19 pandemic disrupted business activities around major global economic hubs, Google had failed to be relatively impressive on the average.
To date, the stock is finding it difficult to break the $1600 resistance level and it’s not showing upside strength like other tech peers that include Facebook, Apple, Amazon, and even Microsoft.
It’s not surprising that its recent earnings coming from its core business, Google Search failed to excite investors, which is the most important contributor to revenues, as it took a hit from COVID-19, with sales down -2% YoY in Q2.
The technology juggernaut is the only FAANG (Facebook, Apple, Amazon, Netflix, Google) stocks with revenues down year-over-year, although its earnings trend remains solid.
Given that the stock has failed to break the critical resistance level as the share price dropped from its 52 weeks high of $1,597.72 price level, and remains the least choice among the FAANG stocks.
Gistsbaze expects a pullback in the stock price to the $1,550 support level in the mid-term, except it ramps up revenues in its advertising and hardware segments.
Recall Gistsbaze some weeks ago, gave insights on why Stock traders had not been relatively bullish on the stock, due to growing concern on Google’s inability to raise its revenue from advertising was partly responsible for the unimpressive performance in its share price.
Quick fact: Google LLC is an American multinational tech juggernaut that handles Internet-related products and services which include a search engine, cloud computing online advertising technologies, software, and hardware.
It is a subsidiary of Alphabet company. It presently has a valuation of over $1 trillion and at the time this report was drafted traded at $1,580.
However, taking a critical look at the company’s other streams of income, Gistsbaze observed notably that Google cloud and Youtube produced an impressive performance, growing 43% and 6%, respectively thereby giving the bulls a strong case for the stock to remain above the $1,500 support level.
For Google to change its present status quo the stock would have to break the $1,600 resistance level, before its next earnings results and probably start monetizing its payment services.
Presently, Gistsbaze is not bullish on Google’s stock price, as its peers in recent times offer better returns on capital. That said Gistsbaze would be a strong buyer of the stock on any breach below the $1,500 support level.
Tyler Perry is officially a billionaire according to Forbes
Tyler Perry has joined the growing list of Hollywood billionaires according to Forbes.
According to the American business magazine, Perry has a networth of $1 billion and has earned more than $1.4 billion in pretax income since 2005. Forbes also reported that filmmaker owns the entirety of his creative output, which includes more than 1,200 television episodes, 22 films, at least two dozen plays and a 330-acre studio lot in Atlanta.
The filmmaker told the magazine that he learnt the value of ownership at a young age. He said;
“My father was a subcontractor, and he would get paid on Fridays and be so happy that he had made $800,” he recalled to Forbes. “But I would watch the man that owned the house sell it and make $80,000. So I always knew that there was more power in the man that owned the house rather than the man that actually was working on it and building it. So I always wanted to be the guy that owned the house.
“Ownership for me was easy because I was underestimated. They said, ‘Sure, you can own it.’ They didn’t think it’d be worth anything.”
On lack of diversity in his movies, Perry said;
“I wanted to foster an environment where minorities and women and LGBTQ, anybody who wanted to come and work and do a great job was welcome. What I found is, if you invest in the underdog, if you invest in the people who haven’t had the opportunity, the level of gratitude and understanding for what is happening for them is so powerful. It’s just wonderful.”
The mogul joins a group of Black billionaires that includes Robert F. Smith, Michael Jordan, Oprah Winfrey, David Stewart, Jay-Z and perhaps Kanye West. It was also reported that his movies alone have grossed nearly $1 billion to date, and he owns the rights to all of them.
Forbes reported that Perry used his ownership of all his creative output to broker a deal with ViacomCBS that pays him $150 million a year for new content and gives him an equity stake in BET+, the streaming service it debuted last September. He has homes in Atlanta, New York, Los Angeles and Jackson Hole, Wyoming, as well as two private jets.
Jeff Bezos Becomes The First Person Ever Worth $200 Billion
Amazon Founder and CEO Jeff Bezos MICHAEL PRINCE FOR FORBES
The world’s richest person, Jeff Bezos, is wealthier than he’s ever been. Early Wednesday he crossed a milestone previously unseen in the nearly four decades Forbes has been tracking net worths: With Amazon stock edging up 2% as of Wednesday afternoon, Bezos’ net worth is up by $4.9 billion, making the 56-year-old the world’s first-ever person to amass a $200 billion fortune.
As of 1:50 p.m. EDT on Wednesday, the Amazon founder and CEO is worth $204.6 billion—nearly $90 billion more than the world’s second-richest person, Bill Gates, who’s currently worth $116.1 billion.
Even adjusting for inflation, Forbes believes Bezos’ fortune is the largest ever amassed. The person to come closest: Bill Gates, who was the world’s first-ever centibillionaire. Near the height of the dot-com bubble, when Microsoft reached its then-peak in 1999, Gates’ net worth surpassed $100 billion, roughly $158 billion in today’s dollars.
Fueled by the change in consumer habits as a result of the coronavirus pandemic, Amazon stock is up nearly 80% since the beginning of the year, and Bezos’ net worth, which was roughly $115 billion on January 1, has skyrocketed in tandem. Bezos’ roughly 11% stake in Amazon makes up more than 90% of his fortune. He also owns the Washington Post, aerospace company Blue Origin and other private investments.
Bezos would be even richer had he not gone through the most expensive divorce settlement in history last year. When he split from ex-wife, MacKenzie Scott, last July, he agreed to give her 25% of his Amazon stake, a chunk of stock now worth $63 billion. Even after giving away $1.7 billion in charitable gifts earlier this year, Scott is currently the world’s 14th-richest person and second-richest woman, behind L’Oréal heiress Françoise Bettencourt Meyers.
Bezos isn’t alone among tech titans with fortunes surging to massive new heights. Facebook’s Mark Zuckerberg ended Tuesday as a brand-new centibillionaire, worth $103.1 billion after adding $3.4 billion to his fortune in one day, on Facebook stock gains. That surge continued early Wednesday afternoon, with Zuckerberg up an astonishing $6 billion just on Wednesday as of publication time. He’s now worth $109.1 billion.
There are now more centibillionaires on the planet than ever. Joining Bezos, Gates and the newly crowned Zuckerberg is LVMH chair Bernard Arnault, who first joined the 12-figure ranks last year. Though his net worth slipped to about $80 billion at the height of the coronavirus pandemic in March, Arnault reclaimed the centibillionaire title in May and today is worth about $115 billion. This makes him the third-richest person on earth–$90 billion poorer than Jeff Bezos.
Nigerian Telecom Industry Expected To Generate N100Bn IGR By Year End
Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umar Danbatta has said the telecom industry in the country is expected to generate over N100 billion before the end of the year 2020.
Danbatta stated this last week at the National Assembly Joint Committee on Finance and National Planning during the Public hearing on the 2021-2023 Medium Term Expenditure Framework And Fiscal Strategy Paper in Abuja.
He said the N100 billion will represent double of the N52 billion that was generated by the industry in the first six months of the year.
According to Danbatta;
Total revenue generated in the first half of the year is N52, 705,992,000, but we working and hoping we will cross N100billion mark by the end of the end.
He made this known to the committee while reeling out the revenues NCC has generated over the years and the Commission’s effort towards contributing to the GDP of the economy.
Danbatta however noted that the revenue is a sharp drop from the 2018 revenue of N170, 148, 219,000 and that of 2019 figure which was N157, 741,262,000.
He said the drop can be attributed to the fine MTN Nigeria paid over a period of four years since 2016.
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