Alphabet’s GOOGL Google is set to revolutionize its Android platform with a new 3D building display update for Google Maps. This development comes in the wake of Alphabet’s remarkable stock performance, with shares surging 56.2% in the last year, outpacing the Zacks Computer & Technology sector’s growth of 47.6%.
The move underscores Alphabet’s dedication to fortifying its Google Maps services, a key segment contributing to the company’s growth and prosperity.
3D View Update for Google Maps
Alphabet is testing a cutting-edge 3D building display functionality in Google Maps for mobile navigation and Android Auto. This significant upgrade will empower the app to exhibit 3D buildings during navigation, offering an immersive visual experience with enhanced zooming capabilities.
Focus on Google Maps
In addition to the 3D view update, Google introduced a new color palette feature in its Maps application. By using distinctive colors for parks, nature, and street crossings, the update enhances user experience and aids seamless navigation. Moreover, Google has incorporated other features, including Immersive View for routes and detailed navigation filters, aimed at bolstering its overall user experience.
Furthermore, the recent update to Google Maps for Android Auto enables users to conveniently save their parking location upon arrival, showcasing it on the arrival screen and triggering a helpful reminder the following day.
The upcoming additional features for Google Maps will provide users with enhanced controls over location-related activities on the app, consolidating Alphabet’s dominant position in the digital mapping space and strengthening the Google Services segment, which represents a significant portion of its total revenues.
Analysts predict a robust performance for the Google Services segment, boding well for Alphabet’s financial outlook. The Zacks Consensus Estimate for 2024 total revenues reflects an anticipated year-over-year growth of 11.26% to reach $283.39 billion.
Competition on the Horizon
Alphabet’s proactive steps to enrich Google Maps will enable it to fend off competition from tech giants such as Apple and Microsoft, who are also actively enhancing their mapping services. Apple, in particular, is enjoying increasing traction for its Apple Maps offerings and has introduced an offline navigation feature, while Microsoft is bolstering its Bing Maps with new feature updates, including live traffic reports for smartphone users.
Zacks Rank & Another Standout Stock
With a Zacks Rank #2 (Buy), Alphabet navigates the technology sector with confidence. Another top-performing stock in the sector is Camtek (CAMT), holding a Zacks Rank #1 (Strong Buy) and boasting an impressive return of 194.6% over the past year, with a long-term earnings growth rate pegged at 12.26%.