DeepMind Technologies Ltd., the artificial intelligence research company owned by Alphabet Inc., said it slashed expenses related to its staff by 39% last year as its parent company grappled with a sinking share price.
(Bloomberg) — DeepMind Technologies Ltd., the artificial intelligence research company owned by Alphabet Inc., said it slashed expenses related to its staff by 39% last year as its parent company grappled with a sinking share price.
Expenses related to employees fell to £595 million ($732 million) in 2022, down from £969 million the year earlier, the London-based business disclosed in accounts published with UK company registry Companies House this week.
DeepMind earlier this year announced plans to close its Edmonton, Canada research lab amid wider cuts across Google and the tech industry. At the time, Google said it would eliminate about 12,000 jobs, retrenching following a hiring boom and slower growth.
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The company’s revenue, which comes from research and development services to the rest of the group, fell 21% last year, it said. Google, which acquired the company in 2014, has committed to provide DeepMind with financial support for at least a further 12 months from Sept. 28, the accounts said.
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