Heard on the Street: Google's selective disclosures are insufficient for a business now generating $8 billion in annual revenue
By Dan Gallagher July 30, 2019 7:03 am ET Google provided a valuable peek into its cloud business. A deeper look would add even more value.
Google makes highly selective disclosures about its cloud operation, but investors still have tended to receive the news well. The most recent details, plus signs of improvement in the core advertising business, drove up Alphabet’s stock price nearly 10% following its quarterly report. Competition is heating up elsewhere, though. Legacy enterprise technology vendors such as IBM and Oracle also are aggressively pursuing business in the cloud and they have long-established corporate relationships to back them up. In a report last month, Jefferies analysts estimated that both companies are now generating more than $7 billion a year in revenue from cloud services. Estimates for IBM don’t include its recently completed acquisition of Red Hat.
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