As the world looks ahead to the Google acquisition of Best Buy, its first-quarter earnings report on Tuesday also offered a rare glimpse at the company’s new CEO, Dan Hesse.
While the stock had been rising since Hesse’s announcement a few months ago, it was still down more than 30% since then, according to Bloomberg data.
And it didn’t even break out earnings per share.
It was an impressive showing, but not the kind of earnings performance Google is known for.
That’s because the stock is still in a holding pattern.
Google shares have historically been volatile, and even as they’ve risen and fallen, they haven’t done so much as spike.
That has left the stock’s market capitalization at around $17 billion, or roughly $20 per share, which is significantly less than the $32 billion that Apple shares are valued at in the same timeframe.
The stock fell more than 12% on Tuesday, but it’s still trading above its $17 price target.
It’s still down from its peak of around $27 a share on January 29.
Google is betting that its acquisition of the hardware maker will improve the company as a whole.
That strategy is paying off.
Google’s share price has surged more than 250% in 2017, according the Morningstar data tracking firm.
That makes it the most valuable company in the world by a wide margin, and it is a strong indicator of its long-term future.
But the company also has to consider that its new CEO will also have to deal with the same challenges as the company that hired him: a company that has a huge amount of inventory, which will be an issue for the company even as it works to grow its product offerings.
It also has a long way to go to be able to tap into the consumer demand it has generated over the past few years.
For instance, while it’s already a dominant mobile device maker, it doesn’t yet have a dominant online platform.
That will be a challenge for Google if it wants to capture more consumers.
The search giant also has some work to do with the antitrust regulators.
The U.S. Justice Department is also expected to conduct a probe into the acquisition, and that will inevitably lead to some questions about the extent of Google’s antitrust compliance.
The company has already faced scrutiny from the Federal Trade Commission over a number of its business practices.
In particular, the FTC has questioned whether the company has engaged in anticompetitive behavior in its attempts to market its Android-based operating system.