Alphabet's extra $5 billion investment in Waymo comes after steady growth in revenue and citywide expansions.
Alphabet CFO Ruth Porat said the Google parent company will invest an additional $5 billion into its self-driving car unit Waymo.Alphabet
"This new round of funding will enable Waymo to continue to build the world's leading autonomous driving company," Alphabet's outgoing finance chief Ruth Porat said Tuesday on thePorat announced the "multiyear" investment on the call and said more information would be available in the company's quarterly Securities and Exchange Commission filing, expected on Wednesday.
Alphabet's "Other Bets" unit, which includes Waymo, delivered $365 million in quarterly revenue, up from $285 million a year ago. But the unit's losses widened to $1.13 billion from $813 million in the year-earlier period. CEO Sundar Pichai said on the earnings call that Waymo provides 50,000 weekly paid trips, primarily in San Francisco and Phoenix. It has completed 2 million trips to date. In June, Waymo removed the waitlist andin a round that included funding from Andreessen Horowitz, AutoNation, Canada Pension Plan Investment Board, Fidelity Management & Research Company and more.the production of the Origin, a self-driving shuttle designed for use in cities.
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