Ruth Porat, the longtime CFO of Google and Alphabet, is stepping into a new role as the president and chief investment officer of both companies, effective September 1, 2023.
"Ruth will continue to serve as CFO, including leading the company’s 2024 and long-range capital planning processes, while the company searches for and selects her successor," the company said on Tuesday.
“Ruth has worked to drive financial discipline and returns for shareholders, while spearheading investment to create sustainable, long-term value," CEO Sundar Pichai said in a statement with the company's earnings results on Tuesday.
“In her new role," he said, "Ruth will strengthen our collaboration with policy makers and shape our corporate investments to have maximum economic impact for people and economies around the world.”
3 min ago
Microsoft posts stronger than expected sales growth
From CNN's Clare Duffy
People walk past a Microsoft store in New York, NY, on July 11. Justin Lane/EPA-EFE/Shutterstock
Microsoft on Tuesday posted better than expected sales growth during the June quarter thanks to continued strength in its cloud computing unit.
The company posted $56.2 billion in revenue, up 8% from the prior year, and ahead of the $55.5 billion Wall Street analysts had projected. Net income for the quarter was $20.1 billion, up 20% year-over-year and also better than expected.
47 min ago
What to expect from today's tech earnings
From CNN's Clare Duffy
A bicyclist rides along a path at Googles Bay View campus in Mountain View, California on June 27, 2022. Noah Berger/AFP/Getty Images
Tech heavyweights Microsoft, Snap and Google-parent Alphabet are set to report their earnings for the three months ending in June after Tuesday's closing bell.
The reports come after months of efforts by tech companies to cut costs — including with large layoffs — while also investing more in artificial intelligence tools across their products.
Microsoft and Google will likely focus on their AI efforts. Snap investors, meanwhile, are likely eager to hear how Snapchat is weathering ongoing competitive challenges from rivals like TikTok, as well as adjusting to Apple's app privacy changes that made targeted advertising more difficult.
Here's what Wall Street analysts are expecting from tonight's earnings reports:
MICROSOFT
Revenue: $55.5 billion (+7% YOY)
Net income: $19 billion (+13.5% YOY)
EPS: $2.55
ALPHABET
Revenue: $72.8 billion (+4.5% YOY)
Net income: $16.9 billion (+5.6% YOY)
EPS: $1.34
SNAP
Revenue: $1.05 billion (-5.2% YOY)
Net income: -$66.3 million
EPS: -$0.04
47 min ago
Microsoft and Google set to report earnings amid AI arms race
From CNN's Catherine Thorbecke.
Microsoft Bing application is seen on a device in Warsaw, Poland, on July 21. Jaap Arriens/NurPhoto/Shutterstock
Microsoft and Google are about to offer an early glimpse into how their high-stakes bets on AI are paying off when the two companies report earnings results after the bell.
Microsoft has made a multi-billion dollar investment in OpenAI, the company behind the viral chatbot ChatGPT and begun integrating generative AI features into its core products. Last week, Microsoft unveiled a more-secure version of its AI-powered Bing specifically for businesses and announced that Microsoft 365 Co-pilot, a previously announced AI-powered tool, will cost $30 a month for each user.
Google, meanwhile, is racing to keep pace.
The popularity of ChatGPT and the possible resurgence of Bing carry new threats for Google’s core search business, as some fear these tools could take away users who traditionally turn to Google to ask questions, conduct research, and search the web.
Google has rolled out its own answer to ChatGPT, in the form of a chatbot dubbed Bard. It has also promised more generative AI features will soon be implemented throughout some of its other products.
Microsoft, Snap and Google-parent Alphabet are all set to report earnings after the bell on Tuesday.
Microsoft and Alphabet are expected to post modest growth in revenue and profits after a rough 2022. Snap is expected to post another quarter of losing money.
The results come as Silicon Valley is locked in a battle to develop and deploy new AI tools into a wide range of consumer and enterprise products.
Google is looking for a new CFO.
Ruth Porat, the longtime CFO of Google and Alphabet, is stepping into a new role as the president and chief investment officer of both companies, effective September 1, 2023.
"Ruth will continue to serve as CFO, including leading the company’s 2024 and long-range capital planning processes, while the company searches for and selects her successor," the company said on Tuesday.
“Ruth has worked to drive financial discipline and returns for shareholders, while spearheading investment to create sustainable, long-term value," CEO Sundar Pichai said in a statement with the company's earnings results on Tuesday.
“In her new role," he said, "Ruth will strengthen our collaboration with policy makers and shape our corporate investments to have maximum economic impact for people and economies around the world.”
People walk past a Microsoft store in New York, NY, on July 11. Justin Lane/EPA-EFE/Shutterstock
Microsoft on Tuesday posted better than expected sales growth during the June quarter thanks to continued strength in its cloud computing unit.
The company posted $56.2 billion in revenue, up 8% from the prior year, and ahead of the $55.5 billion Wall Street analysts had projected. Net income for the quarter was $20.1 billion, up 20% year-over-year and also better than expected.
A bicyclist rides along a path at Googles Bay View campus in Mountain View, California on June 27, 2022. Noah Berger/AFP/Getty Images
Tech heavyweights Microsoft, Snap and Google-parent Alphabet are set to report their earnings for the three months ending in June after Tuesday's closing bell.
The reports come after months of efforts by tech companies to cut costs — including with large layoffs — while also investing more in artificial intelligence tools across their products.
Microsoft and Google will likely focus on their AI efforts. Snap investors, meanwhile, are likely eager to hear how Snapchat is weathering ongoing competitive challenges from rivals like TikTok, as well as adjusting to Apple's app privacy changes that made targeted advertising more difficult.
Here's what Wall Street analysts are expecting from tonight's earnings reports:
MICROSOFT
Revenue: $55.5 billion (+7% YOY)
Net income: $19 billion (+13.5% YOY)
EPS: $2.55
ALPHABET
Revenue: $72.8 billion (+4.5% YOY)
Net income: $16.9 billion (+5.6% YOY)
EPS: $1.34
SNAP
Revenue: $1.05 billion (-5.2% YOY)
Net income: -$66.3 million
EPS: -$0.04
Microsoft Bing application is seen on a device in Warsaw, Poland, on July 21. Jaap Arriens/NurPhoto/Shutterstock
Microsoft and Google are about to offer an early glimpse into how their high-stakes bets on AI are paying off when the two companies report earnings results after the bell.
Microsoft has made a multi-billion dollar investment in OpenAI, the company behind the viral chatbot ChatGPT and begun integrating generative AI features into its core products. Last week, Microsoft unveiled a more-secure version of its AI-powered Bing specifically for businesses and announced that Microsoft 365 Co-pilot, a previously announced AI-powered tool, will cost $30 a month for each user.
Google, meanwhile, is racing to keep pace.
The popularity of ChatGPT and the possible resurgence of Bing carry new threats for Google’s core search business, as some fear these tools could take away users who traditionally turn to Google to ask questions, conduct research, and search the web.
Google has rolled out its own answer to ChatGPT, in the form of a chatbot dubbed Bard. It has also promised more generative AI features will soon be implemented throughout some of its other products.
