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Alphabet’s (NASDAQ:GOOG) (NASDAQ:GOOGL) health venture Verily Life Sciences is planning additional cost cuts after losing more money than anticipated so far this year, The Wall Street Journal reported, citing an internal presentation.
Verily Life Sciences saw wider-than-anticipated operating losses through June, missing its forecast by $17M, according to the report. In 2022, operating losses were $568M on revenue of $559M, according to the report.
In January, the company announced plans to cut 15% of its staff, impacting 240 employees.
The Other Bets businesses, which have seen more than $30B in losses since Alphabet started separately reporting their financial performance, now feel pressure to curtail spending and turn their research into commercial profits, the report noted citing people with knowledge of their operations.
Verily’s CFO Utpal Koppikar, reportedly, told employees last week that the company was performing below expectations, however Google would still provide additional funding if needed.
