Google's parent company Alphabet has reported lower than expected profits in the last three months of 2017 after higher costs offset an increase in advertising sales. Revenue for the three months ending December 31 was $32.3 billion (£22.6bn), a rise of 24% on the same period in 2016. Overall, Alphabet reported a loss of $3 billion (£2.1bn) for the fourth quarter as it set aside $11 billion for taxes - an estimated $9.9 billion (£6.9bn) was for taxes on repatriated earnings. Excluding the tax provision, Alphabet would have posted a profit of $6.8 billion (£4.7bn), falling short of the $7 billion analysts had predicted. The tech giant's shares slid 2.3 per cent in after-hours trade on the results, highlighting concerns about the rising costs of projects such as the Waymo's self-driving car service, and the fact that profits were weaker than expected.
Waymo, Alphabet's self-driving car unit, is set to buy thousands more Chrysler Pacifica hybrid minivans, the companies announced today. The deal, made between Google's parent company Alphabet and Fiat Chrysler Automobiles, is set to expand Waymo's fleet, with first deliveries beginning at the end of 2018. The self-driving, ride-hailing service says the additional vehicles will support Waymo as it expands to more cities across the US, with its first publicly-offered service set to launch in Phoenix, Arizona later this year. Waymo recently unveiled a self-driving minivan that it hopes could revolutionise the way we travel. It showed off the technology at the closely-guarded'fake town' dubbed The Castle, 120 miles southeast of San Francisco The number of purchased vehicles has not been disclosed by either party, nor has the value of the deal, but since Fiat Chrysler's recommended starting retail price for the 2018 Fiat Chrysler hybrid is set at $39,995, and if Waymo's order is in the 1000s, the deal is worth at least $40 million.
Sony has revealed several new products designed to take your entertainment experience to the next level. At a press conference in Las Vegas ahead of CES, the firm teased a look at new smartphones that aim to capture the best selfies, a prototype 8K display featuring its X1 Ultimate picture processor, and its new wireless noise-cancelling earbuds. And, Sony unveiled its jaw-dropping $30,000 Ultra Short Throw Projector. During the event, Sony also brought back the latest iteration of a nostalgic companion, the Aibo robot – but, the cheeky bot decided not to acknowledge its owner on stage. Sony invited the new Aibo robot to the stage, which launched in Japan this past fall.
The ride-hailing company Lyft is now sending self-driving cars to pick up passengers in a Boston neighborhood. The cars will have backup human drivers at the wheel and will be limited to short routes within the city's Seaport District, a burgeoning tech startup hub. Lyft and its Boston-based partner nuTonomy, which builds self-driving software, announced Wednesday that the pilot project has begun. The Renault Zoe EVs will be limited to short routes within the city's Seaport District The cars will initially be a small number of Renault Zoe EVs, which Nutonomy began road-testing in Boston starting last November. Nutonomy engineers are already working on integrating Lyft software into'a couple of' vehicles, to be deployed sometime'in the coming months,' for actual customer pickups, though no more specific timeline was given.
Uber rival Lyft is raising an additional $500 million in funding ion its ongoinjg battle with Uber, according to a U.S. share authorization document filed in Delaware. The additional funding round, led by Alphabet's CapitalG, is an extension of the $1 billion round announced in October. The additional funding round, led by Alphabet's CapitalG, is an extension of a $1 billion round announced in October, and raises the firm's valuation to $11.5 billion Axios was first to report the news. In October Lyft had said that the previous round of funding boosted its valuation to $11 billion from $7.5 billion. The fresh funding would raise its valuation to $11.5 billion.
U.S. ride-hailing firm Lyft has secured a permit to test autonomous vehicles in California, taking it one step further in the race with several other companies to bring self-driving cars to the masses. Lyft's permit, reflected on the California Department of Motor Vehicles (DMV) website, comes two months after it announced plans to offer a self-driving car as a ride option in the San Francisco Bay Area. Lyft already has partnerships in place with autonomous car companies to advance its self-driving strategy. Ride-hailing firm Lyft Inc said on Monday it would launch its service in Toronto, marking the first international expansion for the U.S.-based rival of Uber Technologies Inc. Ford self-driving test vehicles will be connected to Lyft's network, but at first, customers will not be able to use them, according to Sherif Marakby, Ford's vice president for autonomous vehicles and electrification.
US auto retailer AutoNation Inc announced a multi-year partnership on Thursday to support Alphabet Inc's Waymo self-driving car unit, including vehicle maintenance and repairs as the company adds new brands into its fleet, sending its shares up 13 percent to a high for the year. That news was accompanied by a better-than expected third-quarter profit as AutoNation performed well despite the impact of hurricanes during the quarter. There is fierce competition between large automakers to bring self-driving cars to market first. Lauderdale, Florida-based AutoNation is the latest in a series of recent partnerships the self-driving unit has formed. Google has revealed the self driving minivans it hopes could revolutionize the way we travel.
Tesla racked up a $619 million loss in the third quarter, its biggest-ever, driving its shares sharply lower as the electric-car maker spends to speed up production of its more affordable Model 3 sedan. The company, led by Silicon Valley star Elon Musk, also confirmed it had missed its Model 3 production goal for the third quarter, producing only 260 vehicles compared to an earlier estimate of 1,500. Its shares fell 5.4 percent in after hours trading. The company said it had $3.53 billion in cash and cash-equivalents as of Sept. 30, compared to $3.04 billion at the end of the second quarter. Tesla said last month it delivered 26,150 vehicles in the third quarter, a 4.5 percent rise on the same period of 2016, but added that "production bottlenecks" had left the company behind its planned ramp-up for the $35,000 Model 3. On Wednesday it said it now hoped to achieve a production rate of 5,000 per month by the end of the first quarter of next year, pushed back from the end of this year.
The battle for the title of'world's richest man' has taken a fresh twist. Amazon CEO Jeff Bezos, 53, may have pipped Bill Gates, 61, to the title after he added $6.5 billion (£5 billion) to his vast fortune yesterday. The jump came thanks to soaring Amazon share prices after its third quarterly earnings report beat expectations. Bezos now has a net worth of $90 billion (£69 billion), based on data from the Bloomberg Billionaire Index. Microsoft founder Gates still held the title at the market's close yesterday, with a net worth of $88 billion (£67 billion), according to the index.
Saudi Arabia's has announced plans for a futuristic $500 billion (£380 billion) city to be built to run entirely on alternative energy and be an innovation hub for the future. The project, dubbed Neom, will be built on untouched land along the country's Red Sea coastline near Egypt and Jordan and will span three countries. The ambitious plans, announced by Crown Prince Mohammed bin Salman today, could lead the way in the use of drones, driverless cars and robotics. Saudi Arabia's has announced plans for a new £380 billion ($500 billion) city. The zone will be built on Saudia Arabia's Red Sea coastline and will power itself with green energy sources.