Breaking news

Google Cloud Drives Over $11 Billion in Revenue for the Tech Giant

by THEFUTURE.TEAM

October 31, 2024

Google’s cloud business achieved impressive growth in the third quarter, contributing over $11 billion to parent company Alphabet’s revenue, according to the latest financial report. The results surpassed market expectations, with annual profit increasing by over 30%.

Key Figures:

Cloud Revenue Growth: Alphabet reported $11.35 billion in revenue from its cloud division, up nearly 35% from last year’s $8.41 billion.
YouTube Ad Revenue: YouTube ads generated $8.92 billion in revenue, showing a small rise from $8.89 billion a year ago.
Earnings and Total Revenue: Earnings per share reached $2.12, exceeding the anticipated $1.85. Total revenue for the quarter was $88.27 billion, an increase from last year’s $86.30 billion.
Market Response: The company’s stock price rose by 6% following the earnings announcement, closing at $171.14 and approaching $181 in pre-market trading.

This quarter marks the fourth consecutive period of accelerating growth for Google Cloud, highlighting its increasing importance to Alphabet’s overall performance. Alphabet’s positive financial results arrive during a critical week for the tech sector, with earnings from Meta, Microsoft, Apple, and Amazon also on the horizon. However, Alphabet’s success is tempered by heightened regulatory scrutiny: U.S. regulators are investigating Google’s dominant 90% share of the internet search market, and the company faces pressure to open its app store to third-party competitors. A court ruling mandating these changes was recently delayed but may still take effect in the coming months.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Egypt’s Suez Canal Economic Zone Draws $8.1B In Investments Through 255 Projects

by THEFUTURE.TEAM

February 4, 2025

Egypt’s Suez Canal Economic Zone (SCZone) has secured an impressive $8.1 billion in investments across 255 projects in the last 30 months, according to an official announcement on Monday.

Major Investment Boost For SCZone

The General Authority for the SCZone has successfully attracted 251 projects in its industrial zones and ports, accumulating $6.2 billion in capital investments, which has resulted in around 28,000 new jobs, as stated by SCZone Chairman Walid Gamal El-Din.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Additionally, four new projects have brought in $1.8 billion in investments, boosting the total capital inflows within the zone. These developments were discussed in a meeting with Mohamed Zaki El Sewedy, Chairman of the Federation of Egyptian Industries (FEI), and other officials from various chambers of commerce.

Strengthening Industrial Ties And Opportunities

The meeting focused on expanding investment prospects, fostering collaboration, and addressing challenges faced by industrial firms with strong export potential. A key objective was to encourage businesses to scale up their operations within the SCZone, leveraging its prime location, advanced infrastructure, and investor-friendly policies.

El-Din stressed the importance of the SCZone in driving Egypt’s economic growth and industrial transformation, citing the Ain Sokhna Integrated Industrial Zone as a flagship example of development. This zone is a testament to Egypt’s growing presence as a competitive global manufacturing hub.

The continued partnership between the SCZone and the private sector, El-Din noted, plays a pivotal role in building a strong ‘Made in Egypt’ brand, supporting local industrial development, and boosting innovation to improve Egypt’s position in global markets.

Acknowledging Achievements And Future Collaboration

El Sewedy praised the SCZone for its efforts in creating a robust investment climate, offering comprehensive services, incentives, and cutting-edge infrastructure. This meeting marked the beginning of a deeper collaboration between the SCZone and FEI, setting the stage for future joint initiatives.

Egypt’s Economic Outlook

Egypt’s economy is projected to grow by 4% in the year leading up to June, bolstered by supportive measures from the IMF, according to a Reuters poll conducted in January 2025. The poll also forecasts a GDP growth acceleration to 4.7% in 2025-26 and 5% in 2026-27.

However, the country’s GDP growth slowed to 2.4% in 2023-24, down from 3.8% in the previous year, primarily due to the ongoing currency crisis and the geopolitical impact of the war in neighboring Gaza, according to the Central Bank of Egypt.