Read at Yahoo Finance
Google parent company Alphabet reported its Q4 earnings, falling short on ad revenue. The stock dropped 4% in extended trading. However, the company saw growth in its cloud business, with revenue surpassing $9 billion, driven by the development of AI. Google CEO Sundar Pichai commented on the company's strengths in search, YouTube, and cloud, stating that they are 'already benefiting from our AI investments and innovation.'
"We are pleased with the ongoing strength in Search and the growing contribution from YouTube and Cloud," said Google CEO Sundar Pichai in the company's earnings release. "Each of these is already benefiting from our AI investments and innovation."
The earnings report comes after Google recently laid off employees to cut expenses and focus on growth areas like AI. Like many companies, Google has turned to layoffs to increase efficiency amid the COVID-19 pandemic. Last year, Google was seen as a leader in the tech industry, but now it faces challenges in meeting Wall Street's expectations.
Last year, Google was widely seen...