Google Cloud – a relative blip on parent Alphabet's balance sheet – booked in a 45 per cent year-on-year bounce in turnover for calendar Q3 but still missed the consensus estimate by Wall Street analysts.
For the quarter ended 30 September [PDF], the division reported turnover of $4.99bn, falling short of forecasts by $200m, and rising 7.8 per cent on the prior three-month period, which marked a slowdown in sales momentum.
AI and data warehousing services on Google's cloud are convincing customers to sign off purchase orders, said Alphabet CEO Sundar Pichai, describing it as a "source of strength." He added that Google is "sharpening our solutions by verticals." These include retail, healthcare, financial services, and entertainment and media.