Verily, an Alphabet unit applying data analytics to healthcare, continues to post heavy losses but may be moving closer to gaining independence from Google’s parent company, according to previously undisclosed financial information.
Revenue at Verily more than doubled in the first nine months of last year to $470 million from $228 million in the same period of 2021, making it by far the biggest Alphabet subsidiary by revenue after Google, according to the financial statements, which The Information reviewed. Verily’s operating loss for the nine months shrank to $327 million, from $387 million a year earlier.
Still, the financial information shows just how far Verily is from standing on its own—a key goal of the Alphabet corporate structure created in 2015. CEO Stephen Gillett told employees this week that the unit posted a loss of $540 million for the year, up from $485 million in 2021, according to one person who heard the presentation. Executives said they aim to bring operating losses this year below $400 million, the person said. Verily announced in September that Alphabet had led a $1 billion funding round in the company; one person familiar with the matter said the money was a bridge loan from Alphabet that can be converted to equity.
0 Commentaires