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Google (GOOG) stock is trading approximately 7.45% up since Monday. Google’s G Suite experienced a surge of over 1 million paying businesses to hit 6 million customers in March.
Google (NASDAQ: GOOG) stock is up over 7% since the market bell rang on Monday. The stock at the time of writing was trading at $1.187 having risen from $1.086 on Monday morning. However, on Tuesday the stock dropped 1.63%, after hitting the highs at $1.220. On the weekly chart, like many other stock markets, it is still trading below the level at which the calendar flipped. Now GOOG is up 0.11% in the pre-market.
The American multinational technology company that specializes in Internet-related services and products has evolved to sustain itself during the coronavirus pandemic. Despite the adverse effect on its office operation and the stock market, the company has been in the front line to fight the novel coronavirus.
Recently, Google introduced new COVID-19 and telehealth GMB links to be used by healthcare workers. Besides, the company launched the community mobility report, which tracks movement trends over time across the country, in order to provide information on where more public guidance is needed. However, some senators are raising concerns over privacy issues regarding Google’s COVID-19 tracker.
The company has been advising its employees to work remotely from home to avoid contracting the dangerous coronavirus, which has been spreading like wildfire.
As of April 7, data from the Centers for Disease Control and Prevention showed that the total number of infected people in America stood at 374,329, while the fatalities were slightly above 12,000.
There are many uncertainties in the stock market caused by the coronavirus, which has been spreading fear among most investors. With the federal government working hard to offer economic assistance through the coronavirus stimulus bill to cushion the market from further collapsing, most stocks led by Google might be temporarily clinging on it waiting for further fundamentals.
Google (GOOG) Stock Positively Reacts to G Suite Warm Market Reception
In an interview with CNBC, Google’s executive Javier Soltero said that the G Suite package, which is prominent with businesses, governments, and also schools, recorded 6 million paying businesses in March. He continued to say that it was a huge rise since the company recorded 5 million customers in February.
The growth was tremendous despite the stiff competition from Microsoft’s Office suite and Office 365. According to a report by Gartner, Microsoft’s Office Suite commanded approximately 87%, whereas Google only had 10.4%.
In response, Soltero said:
“The business of G Suite is growing at an incredibly healthy, and frankly for me, surprising rate.”
On that positive note, Google (GOOG) stock might continue enjoying a cool market atmosphere until the coronavirus crisis is over.