The stock price of Alphabet Inc Class A (the owner of Google) (GOOGL) has gone up by over 0.75% today till the late morning trading session. The stock closed at $779.98 on Wednesday.
The California based company is an American multinational conglomerate founded on October 2, 2015, by the two founders of Google, Larry Page and Sergey Brin, with Page serving as CEO and Brin as President. It is the parent company of Google and several other companies previously owned by them. The company is based in Mountain View, California, at Googleplex. The reorganization of Google into Alphabet was completed on October 2, 2015.
Alphabet’s portfolio encompasses several industries, including technology, life sciences, investment capital, and research. Some of its subsidiaries include Google, Calico, GV, Google Capital, Verily, X, and Google Fiber. Some of the subsidiaries of Alphabet have altered their names since leaving Google—Google Ventures becoming GV, Google Life Sciences becoming Verily and Google X becoming just X. Following the restructuring Page became CEO of Alphabet while Sundar Pichai took his position as CEO of Google.
Meanwhile, Google has announced plans to open a new UK headquarters building in London, which could create up to 3,000 jobs in the country by 2020. Sundar Pichai, Google CEO, said that the company sees “big opportunities” in the UK. This is despite the country’s decision to exit the European Union in June; a move that has led to many big businesses considering relocating their European headquarters from London to mainland Europe.
Pichai said: “The UK has been a tremendous market for us. We see big opportunities here. This is a big commitment from us, we have some of the best talent in the world in the UK and to be able to build great products from here sets us up well for the long term.” Google made the investment decision taking Brexit into consideration, according to Pichai. He said while Google is “very optimistic” about the future of its business in the UK, Brexit may have complicated “second effects” in the longer term -; although he didn’t go into detail with the BBC about what those might be.
The new headquarters will be based on Google’s King’s Cross campus, which will consist of three buildings altogether, which includes two leased properties. The entire campus, including the new purpose-built 650,000 square-foot HQ, will house 7,000 employees. Google currently employs 4,000 people in the UK.
In a press release, Mayor of London Sadiq Khan said: “This is a vote of confidence in our great city – creating high-skilled jobs, supporting growth and demonstrating that London is open to business, new investment and talent from around the globe.”London is one the world’s leading technology hubs and investment into the capital post – Brexit remains robust, so Google’s expansion will further strengthen our city’s reputation as a global leader in digital technology.”
Our analysts have given a “HOLD” rating to Google’s stock. Although it shows great potential, however due to the fluctuation, this is not the stock where you want invest big right now.