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    GOOGL   US02079K3059

ALPHABET INC.

(GOOGL)
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Alphabet : Wells Fargo picks Microsoft, Google as cloud service providers

09/15/2021 | 12:29pm EDT

(Reuters) - Wells Fargo & Co said on Wednesday that it had picked Microsoft Corp and Alphabet Inc's Google as its public cloud providers, embracing a multi-cloud approach.

While Microsoft's Azure will serve as the bank's primary cloud provider, Google Cloud will provide additional business-critical public cloud services.

As part of its new digital infrastructure strategy, the company will also move towards some third party-owned data centers, as it aims to rely predominantly on public cloud in the longer term, it said.

The move makes Wells Fargo the latest big bank to use third-party data centers for cloud-related services.

The company did not disclose the financial details of its agreement with Microsoft and Google.

Multi-cloud enables flexibility and also allows businesses to off-load some of the heavy costs of running their own data centers by renting public ones.

(Reporting by Chavi Mehta in Bengaluru; Editing by Anil D'Silva)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -3.04% 2751.33 Delayed Quote.56.98%
MICROSOFT CORPORATION -0.51% 309.16 Delayed Quote.39.00%
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Analyst Recommendations on ALPHABET INC.
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Financials (USD)
Sales 2021 251 B - -
Net income 2021 68 752 M - -
Net cash 2021 140 B - -
P/E ratio 2021 27,2x
Yield 2021 -
Capitalization 1 841 B 1 841 B -
EV / Sales 2021 6,77x
EV / Sales 2022 5,69x
Nbr of Employees 144 056
Free-Float 93,1%
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Mean consensus BUY
Number of Analysts 46
Last Close Price 2 751,33 $
Average target price 3 230,13 $
Spread / Average Target 17,4%
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Managers and Directors
Sundar Pichai Chief Executive Officer & Director
Ruth M. Porat Chief Financial Officer & Senior Vice President
John LeRoy Hennessy Chairman
Louis John Doerr Independent Director
Ann Mather Independent Director
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