Cloud Service is losing Money, Says Google
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It has been more than a decade since Google Cloud has been launched. It was back in 2008 when the Google Cloud service had been launched through the Google users. Over time, the users have had so much use of the Google Cloud service and it gained so much popularity and recognition.
While all was looking well for the platform, Google has finally decided to break its silence and bring reality to the front. Therefore, Google has provided a deeper look into the finances and losses that it has been incurring for the Cloud platform. In the report, Google has revealed that despite all the developments and updates, the Cloud platform is still losing the company a lot of money.
According to the financial report released by the Cloud Service, the Cloud platform incurred a huge amount of loss in the last quarter of 2020. It has been revealed that the Google Cloud platform lost around $.2 billion in the 4th quarter of 2020. The company has revealed that the same quarterback in 2019 had also been an operational loss. However, the loss incurred in Q4 2020 was 4% more than that of 2019.
For the entire year, the Google Cloud platform confirmed that it suffered a total loss of $5.6 billion for the entire year of 2020. The $5.6 billion loss in the year 2020 is 21% more than what it faced back in 2019.
However, the company has confirmed that its overall profit has been on the right track. Google confirmed that it managed to secure $15.2 billion worth of net profit for the same quarter in the year 2020. The $15.2 billion net profit made in the year 2020 for Q4 is 43% more than that of the same quarter in 2019.
The company has announced that it in total, generated total revenue of $57 billion for the overall year of 2020. The analytical team at the Google platform has confirmed that last year’s revenue is 23% more than what it achieved back in 2019.
In addition to the above, the Google platform also reported a 6% surge in terms of its stock prices in the after-hours trading.
It is quite clear that the main source of revenue for the Google platform since its launch is the search advertising business. However, the company is also aiming to launch its services and gain the same amount of popularity in other sectors.
Some of the major sectors that the Google platform has targeted in the last decade include cloud computing as well as launching various hardware. The Google Cloud service was one of the major products that the Google platform had launched intending to gain vast popularity.
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