Thursday’s Headlines: Google’s Cloud Business Continues To Grow
1. Google Cloud announced Tuesday that it has acquired Cornerstone Technology to help the company “modernize” customers’ infrastructure and applications on the Cloud. Google’s cloud business, which revealed its revenue for the first time last month, generated $8.92 billion in revenue in fiscal 2019, with $2.61 billion generated in the fourth quarter. Google has been looking to compete with other Big Tech cloud giants such as Amazon and Microsoft for some time. The company didn’t disclose the deal price. Read the full story here.
2. Gunshot detections software maker Shotspotter was one of the big market winners on Wednesday, jumping more than 31% on the back of an earnings beat. Revenues for the fourth quarter increased 12% to $10.9 million on the year before, while full-year revenues increased 17% to $40.8 million, up from $34.8 million in 2018. “The fourth quarter marked a strong finish to a year in which we proved the resilience of our business and saw the leverage of our operating model begin to enter its full stride,” said Ralph Clark, CEO of ShotSpotter. Get the complete report here.
3. There were a number of other MyWallSt stocks with earnings announcements yesterday:
Boston Beer: The Sam Adams parent company saw its stock fall after hours Wednesday after reporting lower-than-expected earnings per share of $1.12 on revenue of $301.3 million. Management remains optimistic however, following the addition of Dogfish Head brands. Read more.
Imax: The cinema technology maker rose after hours following a surprise earnings beat, with total revenue rising 14% to $124.3 million on the back of a blockbuster year at the box office, boosted by the company’s partnership with Disney. Read more here.
Zillow Group: The real estate company surprised on earnings with revenues rising 158% to $944 million for the quarter, bringing full-year revenue up 106%. The rise is powered by rapid expansion in Homes and growth in the Premier Agent business. Read more here.