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Effective URL: https://finbold.com/heres-why-google-stock-is-down/?utm_source=snapi
Submission: On November 22 via api from BE — Scanned from IT
Effective URL: https://finbold.com/heres-why-google-stock-is-down/?utm_source=snapi
Submission: On November 22 via api from BE — Scanned from IT
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HERE’S WHY GOOGLE STOCK IS DOWN
Aneena Alex
Stocks Nov 22, 2024
Share
Alphabet Inc. (NASDAQ: GOOGL) shares plunged over 4% on November 21, after the
Department of Justice (DOJ) called for Google to divest its Chrome browser as
part of proposed antitrust remedies.
This proposal marks a significant escalation in the DOJ’s long-running legal
battle, which accuses Google of maintaining an illegal monopoly over internet
search and advertising.
According to a court filing on November 20, selling Chrome would “permanently
stop Google’s control of this critical search access point and allow rival
search engines to compete fairly.”
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The case is the most aggressive antitrust action by the government since its
landmark battle against Microsoft in the late 1990s.
WHAT THE ANTITRUST LAWSUIT AGAINST GOOGLE IS ALL ABOUT
Alphabet has recently been at the center of a series of antitrust lawsuits. On
August 5, 2024, a federal judge ruled that Google had maintained an illegal
monopoly in online search and advertising.
The DOJ’s lawsuit, filed in 2020, highlighted concerns about Google’s
overwhelming market dominance and alleged that the company used unfair practices
to suppress competitors like Bing and DuckDuckGo.
Central to the case was Google’s establishment of exclusive contracts with major
companies, including Apple, making Google the default search engine on their
devices. This effectively sidelined competitors and prevented them from gaining
market share.
The judge found that Google’s practices, which control 89.2% of the search
market, violated antitrust laws by limiting competition and driving up
advertising prices, breaching Section 2 of the Sherman Act.
DOJ’S PROPOSED REMEDIES SHAKE GOOGLE’S BUSINESS MODEL
Chrome, which Google launched in 2008, provides the search giant with data it
uses for targeting ads. The DOJ said in the filing that forcing the company to
get rid of Chrome would create a more equal playing field for search
competitors.
The DOJ’s suggested remedies extend beyond Chrome’s divestiture. This includes
barring Google from entering exclusionary agreements with companies like Apple
(NASDAQ: AAPL) and Samsung to secure default search engine status, a tactic
that reportedly costs Google billions annually.
Furthermore, the agency seeks to prevent Google from prioritizing its search
engine across its ecosystem, offer competitors affordable access to its
extensive web index, and allow online publishers to opt out of having their
content used to train Google’s AI models.
One of the most contentious proposals involves the potential divestiture of
Google’s Android operating system. While the DOJ did not explicitly demand this,
it left the possibility open if the primary remedies fail to effectively restore
competition.
Android’s integration with Chrome has historically solidified Google’s grip on
the search market, and any forced separation could significantly disrupt the
mobile ecosystem.
MARKET REACTION AND BROADER IMPLICATIONS
Google’s stock tumbled to $166.68 in pre-market trading, reflecting investor
concerns over the DOJ’s push to dismantle parts of its business.
Chrome, while not a direct revenue generator, is a cornerstone of Google’s
strategy, funneling users into its ecosystem and bolstering its ad revenues,
which accounted for $65.6 billion in Alphabet’s third-quarter earnings.
Analysts warn that losing Chrome could lead to diminished user engagement and
reduced revenue from its flagship services like Search and YouTube.
Kent Walker, Alphabet’s legal chief, called the DOJ’s proposals “overbroad,”
warning that forced divestitures of products like Chrome and Android could
undermine consumer security and privacy while weakening investments in
artificial intelligence.
> “ DOJ’s wildly overbroad proposal goes miles beyond the Court’s decision. It
> would break a range of Google products — even beyond Search — that people love
> and find helpful in their everyday lives.” –Kent Walker
Meanwhile, a second DOJ antitrust case against Google, focusing on its dominance
in the online advertising market, is underway. Dubbed the AdTech trial, it began
on September 9 and alleges that Google’s control over digital advertising has
harmed both advertisers and content creators.
WHAT’S NEXT FOR GOOGL STOCK
At the close of the last trading session, GOOGL was valued at $166, ending the
day with a decline of over 4% but still reflecting a 1% gain on the monthly
chart.
GOOGL five-day stock price. Source: Finbold
The case’s prospects are further complicated by the potential transition to a
new Trump administration, as the Justice Department’s stance may shift under a
new attorney general.
Despite this uncertainty, investors view the DOJ case as a significant risk to
Google’s stock. A judgment favoring the DOJ could have serious repercussions for
the company.
The federal court presiding over the matter has scheduled a two-week hearing in
April 2025 to determine the necessary changes for Google to comply with
antitrust laws.
The stakes are high for Alphabet, as its business model faces continuous
scrutiny and potential upheaval.
Featured image via Shutterstock
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