Google is reviewing its long-term work options for employees, as most of them say they don’t want to come back to the office full-time.
Alphabet Inc (NASDAQ: GOOGL) stock fell 3.45% on Wednesday, September 23, 2020, to close the day trading at $1409.39. During Thursday’s pre-market trading session, the shares were trading 0.67% lower. To start with, GOOGL shares are up 5.23% year to date. However, they have dropped 1.63% in the past three months, through Wednesday. The recent sell-off of Google stock has mostly taken place in the past four weeks, whereby they are down 14.28%.
The sell pressure is attributed to many fundamentals but notably, investors are worried about the upcoming elections and any possible negative effect. Although Facebook Inc (NASDAQ: FB) is the company that mostly carries the weight of censorship, Google being a huge tech company is also being touched by the wave.
With 300.47 million outstanding shares and $994.8 billion market capitalization, the company is on a clear vantage point to growing through the coronavirus pandemic and also any upcoming climb.
Notably, its competitors including Apple Inc (NASDAQ: AAPL) and Adobe Inc (NASDAQ: ADBE) dropped 4.19% and 3.37% respectively.
With the coronavirus pandemic numbers indicating a high number of infection rate and any possible successful vaccine months away from being approved for public use. The company is striving to restructure its internal working model to meet the government’s requirements and also meets its shareholders’ expectations.
‘Hybrid’ Work-from-Home Models and Google Stock
Google stock is largely bolstered from crashing by the fact that the company’s business models provide essential services during and after the coronavirus pandemic.
Earlier this year, the company announced free access to advanced Hangout Meet video-conferencing capabilities, including larger meetings for up to 250 participants and live streaming for 100,000 viewers within a domain.
Having been trusted by global companies to deliver top-notch services, the company was at a better place to compete with other companies including Zoom Video Communications Inc (NASDAQ: ZM).
Notably, ZM shares added 1.61% yesterday to close the day trading at $500.53, but were trading 1.10% down in today’s premarket. Zoom shares have experienced a sharp demand during the pandemic, hence the astronomical market price rise.
Onwards, Google is rethinking its long-term work options for employees, as most of them say they don’t want to come back to the office full-time.
62% of the company’s employees want to return to their offices at some point, but not every day, according to a recent survey of employee office preferences the company released this week.
“I see the future as being more flexible,” Alphabet CEO Sundar Pichai said in an interview on Wednesday. “We firmly believe that in-person, being together, having a sense of community is super important when you have to solve hard problems and create something new so we don’t see that changing. But we do think we need to create more flexibility and more hybrid models.”
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