Alphabet on Wednesday said it's shuttering agricultural startup Mineral, one of its "Other Bets" ventures. Google stock dipped amid the cost-cutting move.
"Mineral will no longer be an Alphabet company, and our technology (products) will live on inside of leading agribusinesses where they can have maximum impact," said Mineral CEO Elliott Grant in a blog post.
Additionally, Mineral has transferred some of its technologies to berry producer Driscoll's, Grant said.
The company has used artificial intelligence to help agribusinesses improve crop yields.
According to Visible Alpha data, Google's Other Bets piled up $37.3 billion in operating losses from 2014 through 2023. That came on revenue of just $7.3 billion. In 2023, Other Bets reported an operating loss of $4.1 billion on revenue of $1.5 billion.
Google's Other Bets include its broadband business, Google Fiber, as well as life sciences company Verily. Also, there's robotaxi trailblazer Waymo and industrial robotics software company Intrinsic.
Google Stock: Porat To Oversee Other Bets
Meanwhile, Alphabet's former chief financial officer, Ruth Porat, will have oversight of the "Other Bets." She stepped into the newly-created role of president and chief investment officer.
Alphabet's new CFO, Anat Ashkenazi, takes over on July 31. Ashkenazi has been executive vice president and CFO at pharmaceutical company Eli Lilly.
On the stock market today, Google stock dipped a fraction to near 185. In 2024, Google stock has climbed 32%.
Meanwhile, second quarter earnings for Google stock are due around July 30. Also, Google is among AI stocks to watch.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
