Alphabet's earnings beat profit expectations, miss on revenue; Google Cloud revenue reaches $2.6bn. Dropbox CEO joins Facebook's Board of Directors.
Hit and Miss
Alphabet's Q4 and full-year financial results saw it beating analyst estimates on profit but miss on revenue. Google's parent company's revenue grew from $39.3bn in 2018 to $46.1bn in 2019. In the same period, the firm’s net income expanded from $8.9bn to $10.7bn.
A Cloud Hangs Over Google
Google also announced that its cloud revenue had reached $2.6bn, which includes G Suite, the enterprise version of GMail/Docs/Drive/Hangouts and Google’s cloud infrastructure revenue. The run rate (the financial performance of a company based on using current financial information as a predictor of future performance) would be over $10bn. The company's cloud revenue in the year-ago Q4 was $1.71bn, a run rate of $6.84bn. TechCrunch
Facebook's Board of Directors has an eight addition. Dropbox CEO Drew Houston is joining the social media giant's Board.
“Drew brings valuable perspective to our board as a leader of a technology company with services used by millions of people and businesses,” Facebook CEO Mark Zuckerberg said in a statement. “He thinks deeply about where technology is going and how to build a culture that delivers services that always work well.” CNBC
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