Google Stock Down after Disappointing Pixel Phone Release

“Google unveiled the latest edition of its smartphone during a live-broadcast worldwide media event on Oct. 9, 2018,” Karen Doyle reports for GoBankingRates. “The company announced the Pixel 3 and Pixel 3 XL, the next generation of Google phones after the Pixel 2 and Pixel 2 XL. The Pixel 3 and 3 XL are priced at $799 and $899, respectively.”

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“Google began to ship phones in 2015 in an attempt to go head-to-head with Apple in the smartphone market,” Doyle reports. “The results have been less than spectacular. Google shipped 2.4 million of the first Pixel devices in the nine months ending on June 30, 2017. One year later, as of June 30, 2018, the company had shipped just 2.53 million Pixel 2 and 2 XL devices. This number represents less than 1 percent of the global smartphone market, according to Strategy Analytics.”

“In the U.S. market alone, shares of Google phones are less than 2 percent, compared to Apple’s approximately 54 percent and Samsung’s approximately 25 percent from September 2017 to September 2018,” Doyle reports. “The Pixel 3 has a 5.5-inch display screen, and the Pixel 3 XL boasts a 6.3-inch display… Investors don’t seem to be particularly impressed with the product announcements. Stock in Alphabet, Google’s parent company, was down $5.20 or 0.45% shortly after the announcement.”

Read more in the full article here.