Alphabet’s GOOGL division Google is consistently working toward strengthening its high-speed Internet service Google Fiber.
Google is gearing up for expanding Google Fiber offerings with 5 Gig and 8 Gig services to be introduced in early 2023.
Both services will provide symmetrical upload and download speeds up to 5 Gig or 8 Gig each. The services will be available with a Wi-Fi 6 router, up to two mesh extenders, and professional installation.
The 5 Gig plan will help users simultaneously upload and download files, regardless of the file size. The 8 Gig plan will offer low latency so that user can work online in near real time.
Google Fiber subscribers living in Utah, Kansas City, and West Des Moines will be able to access the services from next month.
The new high-speed service plans are expected to boost the adoption rate of Google Fiber in the days ahead.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Growing Google Fiber Efforts
Apart from the latest move, Google recently opened Google Fiber Kiosks at local malls in three US cities to cater to customer requirements faster.
Google Fiber is shifting focus from Fiber TV to a free Chromecast with Google TV and paid streaming services, including YouTube TV, FuboTV, Philo or Sling to expand its presence in the streaming space.
With these initiatives, Google aims to serve customers better and continue gaining momentum among them.
This in turn will aid the financial performance of Google’s parent Alphabet, helping it win investors’ confidence in the near term and the long haul.
Shares of GOOGL have been down 31.6% in the year-to-date period, outperforming the Computer and Technology sector’s decline of 37.9%.
Competitive Scenario
Google, with its recent move, upped its ante against other companies, including Frontier Communications FYBR and Verizon Communications VZ, which are also making diligent efforts to gain traction among customers.
Frontier which has lost 23.2% on a year-to-date basis, offers services to residential and business customers in fiber-optic and copper networks, including video, high-speed Internet, advanced voice and Frontier Secure digital protection solutions. FYBR’s recent announcement of offering network-wide 2 Gig fiber Internet service to customers remains noteworthy.
Verizon Communication’s subsidiary Verizon Fios is a fast Internet solution provider based on 100% fiber-optic network for fast and reliable connectivity. It offers up to 25 times faster uploading speed than cable due to low latency and the reliability of fiber. Further, VZ recently rolled out a tri-band router with Wi-Fi 6, providing the highest bandwidth so that the whole family can be connected at the same time. Notably, Verizon has declined 30% in the year-to-date period.
Nevertheless, Google’s growing Fiber efforts and innovative technologies are likely to continue strengthening its competitive position in the internet market.
Zacks Rank & Stock to Consider
Currently, Alphabet carries a Zacks Rank #3 (Hold).Investors interested in the broader technology sector can consider Agilent Technologies A, carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Agilent Technologies has lost 19.9% in the year-to-date period. The long-term earnings growth rate for A is currently projected at 10%.
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Verizon Communications Inc. (VZ): Free Stock Analysis Report
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