Google parent company Alphabet (NASDAQ: GOOGL) shares continued the rebound and crossed above $2800 this week. Alphabet shares have taken a hit since the company announced last quarter's earnings results. The stock dropped more than $500 from the post-earnings high of $3031.
Alphabet Q4 earnings review
On the first week of Feb, the internet media agent announced a 20-for-1 stock split alongside its latest earnings report. Google stock spiked 9% in after-hours trading following the release of strong Q4 earnings. The Q4 revenue increased by 32% from the year earlier.
EPS: $30.69 🆚$27.34 expected
Revenue: $75.33B 🆚$72.17B expected
“Q4 saw ongoing strong growth in our advertising business, which helped millions of businesses thrive and find new customers, a quarterly sales record for our Pixel phones despite supply constraints, and our Cloud business continuing to grow strongly,” Alphabet CEO, Sundar Pichai said during the earnings call.
$GOOGL stock Split: What you need to know?
Alphabet surprised investors by announcing a 20-for-one stock split to occur on July 15. Google last made a stock split in 2014 for two-for-one. The split will make each share more affordable for individual investors as the current share price makes the stocks inaccessible to certain investors.
The split will happen on Friday, July 15th, 2022. Alphabet’s shareholders as of 1 July will receive 19 additional shares on 15 July for every share they hold. After the split, Alphabet stock will begin trading again on Monday, July 18th.
"The reason for the split is it makes our shares more accessible,” Alphabet’s CFO, Ruth Porat said.
$GOOGL technical outlook
Technically the overall momentum remains bullish throughout the last couple of days. $GOOGL has reversed after the formation of triple bottom type formation near $2500 levels. The stock price has witnessed a sustainable upside bounce in the last week and the momentum continues this week as well.
$GOOGL shares closed above $2800 on Thursday. So, if the upside momentum continues there are chances the tech giant stock may eventually rise to above the psychological level of $3000. On the flip side, the first immediate support can be found at $2750/30 and then $2660.
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