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Google reported cloud revenue for the first time ever – Business Insider – Business Insider

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  • Google on Monday reported quarterly revenue for its cloud business, disclosing that the platform which seeks to challenge Amazon and Microsoft is now on track to rake in about $10 billion in annual revenue.
  • Google Cloud, the search giant’s cloud computing unit, reported revenue of $2.6 billion in the fourth quarter of 2019, up about 53% from the year-ago period. That’s a solid report card for Thomas Kurian, who just wrapped his first full year as CEO of Google Cloud.
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Google on Monday reported revenue for its cloud business for the first time, disclosing that the platform which seeks to challenge Amazon and Microsoft is now on track to rake in about $10 billion in annual revenue.

Google Cloud, the search giant’s cloud-computing unit, reported revenue of $2.6 billion for the last three months of 2019, up from $1.7 billion in the year-ago quarter – translating into growth of about 53%. That’s a solid report card for Thomas Kurian, who just wrapped his first full year as CEO of Google Cloud.

Google had reported in July that its cloud platform had an annual revenue run rate of $8 billion, which impressed some Wall Street analysts. It was the first time the company had disclosed the financial performance of its cloud business in more than a year.

Google Cloud encompasses G Suite, the company’s cloud productivity suite, as well as Google Cloud Platform, which offers hosted computing capacity from its own massive data centers.

„I’m really pleased with our continued progress in Search and in building two of our newer growth areas – YouTube, already at $15 billion in annual ad revenue, and Cloud, which is now on a $10 billion revenue run rate,“ Sundar Pichai, CEO of Alphabet and Google said in a statement.

Google’s report shows it still lags the dominant players in the cloud market, Amazon Web Services and Microsoft Azure.

AWS reported about $9.9 billion in revenue for the most recent quarter, meaning that it more or less quadruples Google Cloud’s revenue growth. While Microsoft doesn’t disclose specific revenue figures for its competing Azure cloud platform, it’s widely considered to lag only AWS in the larger market, meaning that it, too, likely dwarfs Google Cloud.

Google also for the first time disclosed YouTube advertising revenues, which were about $4.7 billion in the quarter.

Got a tip about Google or another tech company? Contact this reporter via email at [email protected], message him on Twitter @benpimentel or send him a secure message through Signal at (510) 731-8429. You can also contact Business Insider securely via SecureDrop.

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TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

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CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

The Canadian Press. All rights reserved.

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BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

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BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

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Canada Goose reports Q2 revenue down from year ago, trims full-year guidance

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TORONTO – Canada Goose Holdings Inc. trimmed its financial guidance as it reported its second-quarter revenue fell compared with a year ago.

The luxury clothing company says revenue for the quarter ended Sept. 29 totalled $267.8 million, down from $281.1 million in the same quarter last year.

Net income attributable to shareholders amounted to $5.4 million or six cents per diluted share, up from $3.9 million or four cents per diluted share a year earlier.

On an adjusted basis, Canada Goose says it earned five cents per diluted share in its latest quarter compared with an adjusted profit of 16 cents per diluted share a year earlier.

In its outlook, Canada Goose says it now expects total revenue for its full financial year to show a low-single-digit percentage decrease to low-single-digit percentage increase compared with earlier guidance for a low-single-digit increase.

It also says it now expects its adjusted net income per diluted share to show a mid-single-digit percentage increase compared with earlier guidance for a percentage increase in the mid-teens.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:GOOS)

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