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Finance

Google Adds Cornerstone to Its Growing Cloud Unit

The cloud computing market continues to expand as more organizations modernize their computer systems. In 2019, global spending on the cloud computing service hit $228 billion from $197 billion in 2018, according to Gartner estimates. The spending on cloud services is on course to top $266 billion in 2020 and will reach $355 billion in 2022.

Google’s cloud sales hit $8.9 billion in 2019 compared to $5.8 billion in 2018. Currently, Google gets most of its revenue from advertising. As a result, the company counts on the cloud business to diversify its revenue sources as the advertising market becomes more challenging.

The Cornerstone acquisition comes as Google restructures the cloud unit to improve its operations. Also, the company cut jobs and let some senior executives go as part of the reorganization.

View more information: https://marketrealist.com/2020/02/google-adds-cornerstone-growing-cloud-unit/

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