Alphabet reported a 11% year-on-year increase (at constant currencies) in consolidated revenues for the third quarter to 69.1 billion US dollars. That's down from 39% a year earlier.
With growth slowing, Alphabet has "started our work to drive efficiency, by realigning resources to invest in our biggest growth opportunities. Over the past quarter, we’ve made several shifts away from lower priority efforts to fuel higher growth priorities," said Sundar Pichai, CEO of Alphabet and Google. "Over a decade ago, focusing the company’s efforts on mobile helped us to build and grow our business for the shift to mobile computing. We’re at a similar point now with AI, another transformational technology. Our investments in AI and deep computer science mean that we can deliver a wide range of breakthroughs across our products and services, to help people, businesses, and communities."
In October, Alphabet's unit Waymo announced Los Angeles will be the next city to be served by its ride-hailing service, joining Phoenix and San Francisco. "We’ll begin driving autonomously in several central districts over the coming months as we prepare to serve Angelenos," the company said. "We’ll deploy a round-the-clock service that provides more accessible and dependable mobility options to all residents of LA." Waymo said Los Angeles represents a market opportunity of 2 billion dollars in 2022.
"Waymo remains the only company operating a fully autonomous, commercial ride-hailing service for passengers round the clock in Phoenix’s East Valley – no NDAs, remote operators or pre-defined pick-ups." it added. "We’re the first and only company in the world providing autonomous ride-hail trips to and from an airport (Phoenix’s Sky Harbor), and we drive more fully autonomous miles in the U.S. than any other company." Source: Alphabet and Waymo statements.