FIT - Is Google's Healthcare Play a Dark Horse?
Everyone thinks of Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) as an advertising company with nine products boasting over 1 billion users. That's fair. The company's Google search engine, Gmail, and YouTube are dominant in their categories. But there is another area where the company has been busy that doesn't draw as much attention. Healthcare could be the industry where Alphabet finds its next big product, and the company's strategy is painting a clear picture of where it might materialize.
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As of January 2020, Alphabet had bought more digital health start-ups than any other company. It now has 57 of these companies in its portfolio. The acquisition of Fitbit (NYSE: FIT) generated headlines when it was announced in November 2019 , but its investments and partnerships with healthcare service providers are more likely to be the gateway to the next big thing.
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Is Google's Healthcare Play a Dark Horse?