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Wednesday, October 13, 2021

DeepMind Makes a Profit

Do we expect a leading edge research lab to make a profit?

AI News

DeepMind sees revenue jump and turns first ever profit  By Fin Strathern | October 7, 2021

Categories: DeepMind, Google,

DeepMind, the Alphabet-owned AI research lab, has turned a profit for the first time since the company was founded in 2010.

The London-based firm recorded a profit of £43.8 million in 2020 with revenue at £826 million, according to its annual results filing with Companies House.

In previous years, DeepMind have posted losses well into the hundreds of millions that Alphabet has heavily subsidised. For example, the company lost £476 million in 2019 and has made cumulative losses of nearly £2 billion since 2014.

How the company has more than tripled its revenue from £265 million in 2019 to £826 million in 2020 remains somewhat of a mystery. No explanation has been provided by DeepMind.

There is of course the host of companies that fall under the Alphabet umbrella which DeepMind sells software and services to, namely YouTube, Google, and X. However, aside from this, the research lab sells no products to consumers and has not announced any partnerships publicly. ... 

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