Understanding Google’s African bet with the new center in Nairobi

alphabetical (GOOGL) Google is setting up its first African product development center in Kenya’s capital, Nairobi. The project is part of the company’s commitment to invest $1 billion in Africa over the next five years. The Nairobi hub follows the opening of an artificial intelligence research center in Accra, Ghana.

Google is recruiting for various positions at its new development center in Nairobi. Vacancies include those for product managers, software engineers, user experience designers, and researchers.

What is Google looking to build?

The company is trying to lay the foundations for significant growth in Africa in the years to come. Therefore, it seeks to create transformative products for the continent. He is looking for talented people who can help improve the experience of smartphone users in Africa and solve other technical challenges.

Google aims to provide fast, reliable and affordable internet access across Africa. He also wants to build useful local products and support the small businesses that fuel the continent’s economies.

Why is Google betting big on Africa?

The company sees a huge opportunity for growth in Africa. By 2030, the continent is expected to have 800 million Internet users, compared to around 300 million currently. Moreover, Africa is expected to be home to a third of the world’s youth population by the end of the decade.

The Taking of Wall Street

On April 20, KeyBanc analyst Justin Patterson reiterated a buy rating on Alphabet stock with a price target of $3,075 (20.1% upside potential).

The consensus among analysts is a strong buy based on 32 buys. The average price of Alphabet is forecast at $3,495.58 and implies an upside potential of 36.5% from current levels. The shares have gained 12.4% over the past year.

Equity investors

TipRanks’ Stock Investors tool shows that investor sentiment is currently very positive on Alphabet, with 5.5% of portfolios tracked by TipRanks increasing their exposure to GOOGL stocks over the past 30 days.

Takeaway for investors

Advertising is Google’s main source of revenue. Africa’s rapidly growing Internet population presents the company with an opportunity to expand its audience reach, which in turn could enable it to capture even more advertising dollars. When Google’s business is booming, Alphabet’s stock looks more attractive.

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