Alphabet's (GOOGL) Google to Widen Reach With Latest Feature

Alphabet’s GOOGL division Google is leaving no stone unturned to develop new and innovative features for attracting customers toward its products and services.

The company’s latest rumored in-development app Spot, which is supported by “Find My Device network” capability, is a testament to the aforementioned fact.

Per a latest report from 9TO5 Google, the latest beta version of Google Play Store revealed that Google has started developing a “Find My Device network” capability, Spot, for Android phones that can be used for searching other devices.

However, it is not clear whether this feature works only for phones, tablets, watches and headphones or AirTag-like dedicated object trackers as well.

Currently, the Find My Device feature available in Android phones requires phones to be connected with mobile Internet or Wi-Fi network. But, with the Spot application, Google can leverage 3 billion Android devices to create a network similar to Apple’s AAPL Find My network, which uses Bluetooth signals to locate devices even when they are not connected to the Internet.

Markedly, the company reported revenues of $55 billion for first-quarter 2021, up 26% year over year due to increased demand for Google Services and Google Cloud.

Alphabet Inc. Price and Consensus

Alphabet Inc. Price and Consensus

Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote

Google’s Initiatives to Bolster Prospects

The rumored feature for Android phone is likely to benefit Google in gaining wider reach to customers, thereby driving top-line growth.

It is making strong efforts to expand the product portfolio and services with latest launches and upgrade of the existing features.

Google recently introduced new Android features for better user experience. It has launched end-to-end encryption and ‘Starred messages’ features for its Messages application. It has also added the voice recognition feature to open Android applications. Plus, it has introduced additional features to Android Auto. Also, it has introduced new updates on safety.

In addition, Google has added an option so that small businesses can upgrade their Gmail accounts to deliver a professional experience to their clients with more functions including calendar, video chat and email newsletter features.

Moreover, Google has introduced a “smart canvas” approach for its Workspace platform for seamless work. With this, it has launched smart chips in Docs for recommending files and meetings in a shared document. Also, it has improved the insert link experience to show relevant suggestions for drive files.

Further, Google is focused on rolling out new features and updates as well as launching stores in the near term.

Recently, Google announced that it is developing an alternative measure to the industry standard method of classifying skin colors in a bid to reduce biasness in products.

Additionally, Google will soon launch a Chrome 91 update with ‘Safe Browsing’ features including improved extensions and protection against downloading malicious file on the web.

Moreover, it will add an option in late 2021 with the Google Play services update, which will let Android users to opt out of tracking done by advertisers on users’ mobile applications.

Notably, Google is going to open its first physical store in New York City this year to let customers avail service for their devices and pick up their online orders at the store.

Zacks Rank & Other Stocks to Consider

Currently, Alphabet has a Zacks Rank #1 (Strong Buy).

Other similar-ranked stocks in the broader technology sector include Digital Turbine APPS and Lam Research LRCX. You can see the complete list of today’s Zacks #1 Rank stocks here.

Long-term earnings growth rates for Digital Turbine and Lam Research are currently projected at 50% and 32.8%, respectively.

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