Ruth Porat News

Google will invest $2 billion in Malaysia to develop its first data centre and Google Cloud region in the country, the unit of Alphabet said on Thursday, the latest in a wave of expansion by global tech firms into Southeast Asia. The government said the investment would advance Malaysia's digital ambitions, and the artificial intelligence (AI) capabilities and other advanced technologies would help local industry move up the global value chain.

Alphabet's self-driving unit, Waymo, said on Friday it had closed a $5.6 billion funding round led by the Google parent, as it looks to expand its autonomous ride-hailing service. Automakers and technology companies are investing in autonomous ride-hailing services to capitalize on the technology to drive commercial success, even as it faces widespread skepticism and tight regulatory scrutiny. The investment round also saw participation from existing investors including Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price, Waymo said.

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Google plans to invest $2 billion in Malaysia, developing its first data center and a Google Cloud hub in the latest big foray by a U.S. tech giant in the Southeast Asian country

laying off an undisclosed number of employees as the technology giant cracks down on costs, a company spokesperson said as reported by Reuters. According to the Google spokesperson, the layoffs are not company-wide. The impacted staff will have the chance to seek for internal roles, the spokeswoman added.

World Economic Forum meet. In all, about 60 heads of state and 800 CEOs were in attendance among a total of 2,800 participants, as they discussed wide-ranging issues — from climate change to economic slowdowns — at both formal and informal gatherings.

By Zaheer Kachwala

(Reuters) -Alphabet-owned Google (NASDAQ:GOOGL) said on Thursday it would invest $1 billion in a data centre in the United Kingdom, which would expand the company's presence in the key market.

Peapack Private Wealth Management managing principal David Dietze discusses whether geopolitical 'bad actors' will be a danger to the economy in 2024 on 'Making Money.'

So, James Gorman has chosenTed Pick to be the new CEO of Morgan Stanley. I am not surprised. The moment James Gorman eliminated former CFO Jon Pruzan, Pick was the only realistic choice remaining. 

Read here: Alphabet Q3 result: Google Cloud miss overshadows tech giant's earnings, share price down over 5% Wall Street expected cloud computing revenue of $8.62 billion and operating income of $434 million. Alphabet President and and Chief Investment Officer; CFO Ruth Porat said that the unit’s sales had been affected by some customers’ cost-cutting. He said that the third-quarter cloud growth is due to “customer optimization efforts," without elaborating.

Google parent Alphabet on Wednesday reported a net profit of $19.6 billion for the quarter ended September 30 as compared to $13.9 billion during the same period last year. “I’m pleased with our financial results and our product momentum this quarter, with AIdriven innovations across Search, YouTube, Cloud, our Pixel devices and more,"

Alphabet's cloud business crawled to its slowest in at least 11 quarters, sending the company's stock down 5.7% after hours, even as sales at rival Microsoft's cloud unit boomed. The drop in Google's share price despite beating Wall Street estimates for profit and sales, shows how much investors want the company to deliver gains in artificial intelligence, and show the cloud business remains competitive against a more powerful Azure from Microsoft and Amazon.com's AWS. Fears of a slowing global economy have prompted companies to curb spending on cloud-related services, including expensive AI tools, which has slowed revenue growth at Google's cloud unit to 22.5% in the third quarter, from 28% in the prior three-month period. Google Cloud third-quarter revenue rose 22.5% to $8.41 billion, the slowest growth since at least the first quarter of 2021. The cloud unit reported a operating income of $266 million, compared with an operating loss of $440 million a year ago.

Raymond James analyst Srini Pajjuri. Analysts expect Nvidia’s data-center revenue to more than double year over year to nearly $8 billion for the quarter ended in July, according to FactSet. So the pressure on Google to keep other costs down won’t be letting up anytime soon.

hedge fund with a multibillion-dollar stake in Alphabet, publicly called on the company in November to reduce spending in Other Bets by at least half. Ruth Porat, Alphabet’s chief financial officer, has kept a close watch over expenses at the Other Bets, often encouraging the companies to have more commercial discipline, said people familiar with the discussions. Alphabet said last month that Porat would move into a new role as president and chief investment officer in September, overseeing the company’s stakes in the Other Bets among other responsibilities.

Investing.com — Here is your weekly Pro Recap on the biggest headlines out of tech this week: huge earnings beats at Alphabet, Meta, and Intel — and a spending warning from Microsoft.

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By Akash Sriram and Stephen Nellis

Beating the market expectations, Alphabet reported a rise in its net profit for the second quarter of the current financial year. The company reported a net profit of $1.44 per share for the April-June period. Company's long time CFO, Ruth Porat is set to take a new role in the company.

Investing.com — Alphabet reported on Tuesday second-quarter results that beat Wall Street estimates, driven by performance in its cloud business.

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