Alphabet (GOOGL) boosts workspace efforts with new updates

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Alphabetit is GOOGL Google division has introduced three updates related to Gmail, Google Meet and Google Sheets to its productivity apps for iPhone and iPad.
The company has rolled out an email update widget on iOS for homecreen. It will be available in particular in the coming weeks.
It recently unveiled a Picture-in-Picture feature in Google Meet for iOS users, which is now available.
The company has introduced shortcut support on Google Sheets, which is currently in an upcoming state.
We note that all updates are likely to help Google gain traction among iOS users in the coming days.
Additionally, the latest move bodes well for the company’s growing efforts to bolster Google Workspace.

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Growing Workspace Efforts

Besides the latest effort, Google recently added the Material You widget to Gmail. The update allows users to make phone calls and manage them through Gmail. It also offers phone permission to avoid phone call dropouts during a Meet session.
Moreover, the company has updated Google Tasks and added the latest features through which Workspace users can quickly switch between lists.
Additionally, Google has introduced a feature named Time Insights in Google Calendar to provide a personalized experience and help paid Workspace users manage their time effectively.
We believe that the strengthening of Google Workspace offerings will continue to drive the company’s momentum in organizations whose demand for productivity and collaboration software applications is rapidly increasing amid the pandemic.

Intensification of competition

We note that Google remains well positioned to capitalize on growth prospects in the virtual workspace management tools market, which is seeing increased spending by large and small businesses alike.
Google’s growing workspace efforts will likely give it a competitive edge over other companies such as Microsoft MSFT and Apple AAPL, which also offer workspace tools.
Microsoft offers powerful productivity and office tools to help users work, learn, organize and connect. Additionally, Microsoft Outlook, which includes webmail, calendar, contacts, and task services, helps users stay connected and be productive anytime, anywhere.
Outlook’s new feature – Text Predictions helps users become more productive as it accepts and ignores a suggestion while typing an email.
Apple’s iWork provides an office suite of applications allowing users to create word processing documents, spreadsheets and presentations. Moreover, Apple recently updated iWork with new features, which help users work seamlessly with documents.

Zacks Ranking and Stocks to Consider

Currently, Alphabet carries a Zacks Rank #3 (Hold).
Investors interested in the broader technology sector may consider Advanced micro-systems AMD, which carries a Zacks Rank #2 (Buy) at present. You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Advanced Micro Devices gained 51.6% YoY. AMD’s long-term earnings growth rate is currently projected at 46.2%.

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