Alphabet's Verily Implements Cost Cuts to Address Pressure on Other Bets Unit
Alphabet's health science unit, Verily Life Sciences, is planning cost cuts after experiencing wider-than-expected operating losses through June, missing projections by $17 million. Verily, part of Alphabet's Other Bets unit, has already laid off employees and discontinued some products earlier this year. The Other Bets businesses, which have accumulated over $30 billion in losses, are under pressure to rein in spending and turn their research into commercial profits. Verily's chief financial officer stated that Google would provide additional funding if necessary.