All articles tagged with #verily
Verily, Alphabet's life sciences division, is shutting down its medical device program to focus more on AI and data infrastructure, amid ongoing cost-cutting and layoffs across the company as it shifts resources towards artificial intelligence development.
Alphabet subsidiary Verily, which focuses on applying data analytics to healthcare, is moving towards a spinoff from its parent company. Verily's CEO, Stephen Gillett, announced that by the end of 2024, the company will no longer rely on Alphabet for various corporate services. This move could potentially lead to Verily separating from Alphabet in the future. Verily's primary business involves selling insurance to employers who self-fund their health benefit plans but seek protection against payout fluctuations.
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.