\n
For nine years, the CFO role at Google and parent company\u00a0Alphabet\u00a0was held by Ruth Porat, who took a giant pay package in 2015 to leave Wall Street for Silicon Valley.<\/p>\n
On Tuesday, Porat\u2019s successor, Anat Ashkenazi, made her earnings call debut, and said one of her top priorities will be to drive more \u201ccost efficiencies\u201d across the company, an effort started by her predecessor and Alphabet CEO\u00a0Sundar Pichai.<\/p>\n
\u201cThere\u2019s really good work that was done, started by Ruth, Sundar and the rest of the lead team to re-engineer the cost base,\u201d Ashkenazi, who previously spent 23 years at drugmaker Eli Lilly, said on the call. \u201cBut I think any organization can always push a little further and I\u2019ll be looking at additional opportunities.\u201d<\/p>\n
Ashkenazi\u00a0joined Alphabet\u00a0in July, almost a year after the company announced that Porat would move into a new role as president and chief investment officer. Her appearance on Tuesday came after Alphabet reported\u00a0third-quarter earnings\u00a0that beat on top and bottom lines, driven by strong revenue growth from the company\u2019s search and cloud units.<\/p>\n
Alphabet shares, up 21% for the year, rose another 5.8% in extended trading after the report.<\/p>\n
The company is fighting to maintain its dominance in search advertising as artificial intelligence upstarts like OpenAI and Perplexity grow in popularity. There\u2019s also TikTok, which recently allowed brands to target ads based on search queries, and\u00a0Amazon\u00a0and\u00a0Meta, which are developing\u00a0conversational\u00a0AI tools.<\/p>\n
To adjust to the changing competitive landscape and an altered economy, Google has made cuts and initiated internal\u00a0shakeups. Ashkenazi said one of her priorities is to look across the organization for \u201cfurther efficiencies\u201d so the company can invest in new areas and maintain its competitive edge and margins.<\/p>\n
Alphabet reported $13 billion in capital expenditures in the third quarter, and Ashkenazi said she expects the same level of spending in the fourth. The majority went to technical infrastructure, including servers and data center equipment that power cloud and AI products, Ashkenazi said on the call.<\/p>\n
Cloud is a top area that \u201crequires investment,\u201d she added, pointing to the need to scale AI products.<\/p>\n
Ashkenazi warned the company will be making higher capital expenditure in 2025, echoing Pichai who, referring to search and coud, said \u201cthere is an aggressive roadmap ahead for 2025.\u201d Askenazi said the investments are based on demand from customers so it \u201cwill translate to revenue in the fairly short term.\u201d<\/p>\n
Meanwhile, she and the leadership team will continue cutting costs across the company to \u201ctry and offset some of these\u201d investments.<\/p>\n
During the Q&A portion of the call, Evercore ISI\u2019s Mark Mahaney asked, \u201cAs you\u2019re coming in looking at this fresh, is it clear to you there are a lot of newfound cost efficiencies or ongoing cost efficiencies?\u201d<\/p>\n
Ashkenazi responded by saying that in the latest period, earnings were boosted by \u201cheadcount management, facilities management, other process efficiencies,\u201d and that there\u2019s \u201cmore to come.\u201d<\/p>\n
The new CFO said one way Google can find additional efficiencies is by using AI \u201cwithin our own processes and how we get work done.\u201d<\/p>\n
Source: www.cnbc.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
For nine years, the CFO role at Google and parent company\u00a0Alphabet\u00a0was held by Ruth Porat, who took a giant pay package in 2015 to leave Wall Street for Silicon Valley. On Tuesday, Porat\u2019s successor, Anat Ashkenazi, made her earnings call debut, and said one of her top priorities will be to drive more \u201ccost efficiencies\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":242039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-242038","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"\n
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