Google Search Data Utilized for Financial Analysis
October 6, 2017
Here is a short honk to point out an interesting new use for search data. A financial analyst is relying on it to make a key prediction, CNBC reports in, “Analyst Predicts Great Amazon Sales Results Because of What He Sees in Google Search Data.” Reporter Tae Kim writes:
Piper Jaffray’s Michael Olson reaffirmed his overweight rating for Amazon, citing the company’s web search analysis which pointed to robust June quarter sales growth for the e-commerce giant. …
Olson said the firm’s web analysis revealed search interest for Amazon-related words grew 24 percent year over year in the June quarter versus 23 percent growth in the March quarter. He cited how Piper’s search analysis had a 95 percent correlation with Amazon’s retail sales unit growth in the previous 37 quarters.
Such interest may be spurred by Amazon’s purchase of Whole Foods, and by the company’s strong growth in this year’s second quarter. The innovative analyst’s company, Piper Jaffray, has been in business since 1895. It is nice to see a venerable firm embrace a fresh idea, but will Olson’s prediction prove correct?
Cynthia Murrell, October 6, 2017
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Hey there deliah!