Tech5: Google tops Q3 expectations, OpenAI planning own chip, TCS wins contract in Ireland, and more
Forbes India's daily tech news bulletin with five headlines that caught our attention
Alphabet, Google’s parent company, beat street expectations with fiscal third-quarter revenue of $88.3 billion, which is a 16 percent rise from the same three months last year, in constant currency.
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Alphabet tops expectations with gains in Google’s core business
Alphabet, Google’s parent company, beat street expectations with fiscal third-quarter revenue of $88.3 billion, which is a 16 percent rise from the same three months last year, in constant currency. That number breaks down into $76.5 billion for Google’s main business, led by search, and $11.4 billion for Google Cloud Platform, according to the company’s October 29 press release.The two businesses together account for more than 99.5 percent of Alphabet’s revenues and all of its profits. The numbers compared with analysts’ expectation of $86.4 billion, according to Investing.com. Google’s earnings of $2.12 per share also topped expectations of $1.84.
The numbers allayed investor concerns that Google’s multi-billion-dollar investments in AI may not pan out soon enough. CEO Sunder Pichai said in earnings conference that the AI investments, including in infrastructure, models and products and platforms, were driving sales in its main ad business as well as the enterprise cloud unit.
AMD falls, OpenAI teams up with TSMC, Broadcom for own chip: Reuters
Chipmaker AMD, on the other hand, offered a forecast that was in line with expectations and, therefore, didn’t enthuse investors intent on repeated AI-led beats. Shares fell. Revenues were a little bit ahead of expectations at $6.82 billion. That compared with market expectation of $6.71 billion, CNBC reported.AMD is the second-biggest maker of graphics processing units that are used in AI computing in data centres and so on. Market leader Nvidia, however, has a dominant lead for now.
