– Alphabet Shares Slide On Report Samsung Abandoning Google For Bing:
Shares of Alphabet slid during premarket trading in New York on Monday following a New York Times report on Sunday that revealed South Korean consumer electronics giant Samsung was considering replacing Google with Microsoft’s Bing as the default search engine on its devices.
NYT said Google’s employees were “shocked” when they heard about the news in March. Internal memos obtained by the newspaper reveal Google has been in “panic” mode because if Samsung were to switch search engines on its devices to Bing, that would cost them $3 billion in annual revenues. Google also has about $20 billion at stake in Apple contracts up for renewal this year.
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