Alphabet’s (NASDAQ:GOOG) Google Cloud Net Revenues – which includes sales of Google Cloud Platform and Google Workspace – more than doubled from about $9 billion in 2019 to $19.2 billion in 2021. Trefis expects the metric to grow to around $31 billion by 2023.
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There is an industry-wide shift to cloud computing, as businesses look to cut their IT infrastructure costs. Google has also been doubling down on its cloud investments.
We don’t think the projected growth in revenue is fully priced into Alphabet stock. We value GOOG at $3,375 per share, about 20% ahead of the current market price.
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