By
Godfrey Benjamin
March 11th, 2024
Pichai also spoke on Web3, stating that Alphabet is “definitely looking at blockchain”.
Google’s parent company Alphabet (NASDAQ: GOOGL) may be the latest tech giant to explore blockchain technologies. During its earnings call on the 1st of February, the company revealed that it is considering integrating blockchain technologies into its top services. The comment on blockchain integration was the first CEO Sundar Pichai, would be made publicly. Pichai said that he finds it “exciting” whenever there is innovation. He spoke on the evolution of the Web and how Google has benefitted from open source technologies. Therefore, the CEO added that Alphabet intends to contribute to blockchain technologies.
While speaking during the earnings call, CEO Pichai revealed that Alphabet has many “areas of interest” in Web3. This came in response to a question from an analyst who asked about the company’s stance on Web3. Noting that Alphabet is interested in augmented reality (AR), the executive stated that Alphabet is also looking at how to use blockchain technologies to power computing and services layers such as Google Maps, YouTube, and Google Meet.
Alphabet CEO Reveals Google’s Cloud Team is Working on Blockchain
Pichai also spoke on Web3, stating that Alphabet is “definitely looking at blockchain”. He referred to blockchain as “such an interesting and powerful technology with broad applications, so much broader than any one application.” Hence, the CEO said Alphabet is looking at how it may “contribute to the ecosystem and add value.”
In a statement, Pichai revealed that Google also has its own team currently working on blockchain. He made reference to its cloud team, an emerging part of the business that rivals Microsoft (NASDAQ: MSFT) and Amazon Web Services. The CEO said further:
“Our cloud team is looking at how they can support our customers’ needs in building transacting storing value and deploying new products on blockchain-based platforms. So we’ll definitely be watching the space closely and supporting it where we can. Overall, I think technology will continue to evolve and innovate, and you know we want to be pro-innovation and approach it that way.”
Alphabet’s earnings for 2021 Q4 exceeded analysts’ estimates. The company generated $75.33 billion in revenue in the quarter, a 32% gain from 2020 Q4. The CEO stated that there was strong growth in its advertising business, which helped businesses expand and connect with new customers. In addition, Alphabet reported that its operating income in the fourth quarter ended on the 31st of December was $21,885. This equals a 29% jump over the same quarter in the previous year.
GOOGL is down 1.60% to $2,912.50 at after-hours trading. The company has increased 43.77% in a year, gaining more than 2% in its year-to-date record. Also, Alphabet Inc stock has added nearly 1% in the last three months and over 7% over the past month. In the last five days, Google’s parent company has jumped 14.52%.