CNBC April 25, 2023
Key Points
– Google said its cloud group has turned profitable on an operating basis after showing losses for more than three years.
– Google is third in the U.S. cloud infrastructure market, behind Amazon and Microsoft.
Google has been pouring money into its cloud-computing business to compete with Amazon and Microsoft. Those hefty investments are finally turning a profit.
Alphabet said Tuesday that Google’s cloud business is profitable for the first time in the three years it’s been reporting operating metrics for the division.
The segment generated $191 million in operating income on $7.45 billion in revenue in the first quarter, according to Alphabet’s earnings statement. In the year-ago quarter, the unit reported a $706 million loss on $5.82...
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