World search and technology giants Google has announced that it is to become a new company called Alphabet. It will however still use the Google name for its popular internet search engine, mapping service and related products.
According to the company, the decision to rebrand and change its name is to make the company cleaner and accountable.
Larry Page, Google’s CEO and co-founder, said on Monday the creation of the new holding company will provide more independence for divisions like Nest, which makes internet-connected home appliances, and Calico, which is researching ways to prolong human life. Analysts said the move may also be an attempt to satisfy Wall Street’s demands for more fiscal accountability: As part of the reorganisation, Page said the company will begin reporting financial results by segments.
Google reported more than $14bn in profit on $66bn in sales last year, most of it from lucrative internet advertising, while other ventures have required large investments without showing immediate returns.
The company’s stock has surged in recent weeks after a new chief financial officer announced other moves to rein in corporate spending.
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