This is the TechSummit Rewind, a daily recap of the top technology headlines.
Alphabet Q2 earnings: Revenue $26.01B, net income $3.52B
Alphabet has reported its second quarter earnings, and Google’s parent company is basically printing money at this point. The company is continuing to grow at a double-digit rate year-over-year. And while profit was down a tad this quarter, it’s on account of a one-time, $2.7 billion fine levied by European Union regulators.
For the first three months of the year, Alphabet reported $26.01 billion, up 21 percent from the same period last year. With the fine, Alphabet managed $4.1 billion in operating revenue.
Other Bets, the division that contains Alphabet’s moon shot projects, grew its revenue to $248 million, which is up about 34 percent over the same period last year. The losses stemming from Alphabet’s experiments went down 10 percent to $772 million.
“We’re delivering strong growth with great underlying momentum, while continuing to make focused investments in new revenue streams.”
-Ruth Porat, Alphabet CFO
KKR buying WebMD for $2.8B
Online health publisher WebMD has agreed to be bought by private equity firm KKR for about $2.8 billion.
KKR will pay $66.50/share, a 20.5 percent premium over WebMD’s closing price on Friday.
The deal is expected to close in the fourth quarter of 2017.
Grab raises $2B from SoftBank, Didi Chuxing to help beat Uber in SE Asia
Grab, the ride-hailing company competing with Uber in Southeast Asia has raised $2 billion of new financing from existing investors Didi Chuxing and SoftBank.
According to Didi, the round could expand to $500 million with input from other existing backers and new investors. However, a Grab representative confirmed that SoftBank’s Vision fund isn’t part of the current commitment.
“Starting with transport, Grab is establishing a clear leadership in Southeast Asia’s internet economy based on its market position, superior technology, and truly local insight.”
-Cheng Wei. Didi founder and CEO
Grab operates in seven Southeast Asian countries, where it claims over 50 million downloads and 1.1 million drivers. Its services are primarily focused on licensed taxis and private cars, but Grab also offers motorbike taxis, shuttle bus services, and carpools in select countries.
Microsoft Paint to be “deprecated” with Windows 10 Fall Creators Update
Microsoft Paint is moving to a new pasture with Windows 10’s Fall Creators Update.
The image editor is being classified by Microsoft as a “deprecated feature,” according to The Guardian. This means that Paint will “not be in active development and might be removed in future releases.”
However, Microsoft announced on Monday that Paint is moving to the Windows Store.
Microsoft designs new AI chip for HoloLens 2
Microsoft has announced that the next generation of its mixed reality HoloLens headset will incorporate an AI chip.
The custom “coprocessor” designed but not manufactured by Microsoft will be used to analyze visual data directly on the device, saving time by not uploading it to the cloud. According to the company, this will lead to quicker performance on the HoloLens 2, while keeping the device as mobile as possible.
The chip will be built into its Holographic Processing Unit (HPU), the HoloLens’ central vision-processing chip. This handles data from all the device’s onboard sensors, including the head-tracking unit and infrared cameras. The AI coprocessor will be used to analyze this data for use deep neural networks, one of the principal tools of contemporary AI.