Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) reported a strong second-quarter earnings beat Monday, despite taking a $2.7 billion hit from the European Commission’s fine last month, but shares traded down about 3 percent after hours.
The dip was also in part due to an increase in the company’s traffic acquisition cost, which rose to $5.09 billion for the quarter and cut back margins.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
In sympathy, several other major technology companies saw their stocks fall after Alphabet’s report.
Alphabet Results ‘Bode Well For Facebook’
Facebook Inc (NASDAQ:FB) was one such company, but Citigroup analyst Mark May sees the report at a boon for the social media giant, not cause for concern.
Facebook is Citigroup’s top pick, and May expects to see 46-percent growth, meaning a share price in the $240 range.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
The two control over 70 percent of the digital advertising market and own nearly all growth in the space. As such, Alphabet’s and Facebook’s core advertising results are highly correlated.
Based on past correlation, Alphabet’s 22 percent FXN gross Google Properties growth during Q2 suggests that Facebook’s FXN total advertising growth could be as high as 51 percent over the same period, according to May’s estimates.
Besides indicators from Alphabet, May expects further upside to be derived in part from management reducing its calendar 2017 operating expenses growth to not more than 55 percent for non-GAAP.
Facebook will report its Q2 results on Wednesday after the close.
Keep up with earnings season and analyst coverage in real-time with Benzinga Pro.
Related Links:Battling Billionaires: Elon Musk Says Mark Zuckerberg's Knowledge Of AI Threat Is 'Limited'
Could Facebook's Purchase Of Instagram Be The Best Acquisition Of All Time?
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.