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Nest sales fall short of expectations - report

Thursday 31 March 2016 | 09:52 CET | News
Smart home products developer Nest generated USD 340 million in revenues last year, three people with knowledge of the matter told Re/code. That's below the initial expectations Google had set for Nest when it bought the startup in 2014 for USD 3.2 billion. According to the report, Nest's CEO Tony Fadell agreed a number of conditions at the time of the takeover, including Nest's own budget and retention clauses for management. These were expected to last for three years. Unless Alphabet agrees to continue funding Nest, that budget runs out at the end of this year. 

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Categories: General
Companies: Google / Nest
Countries: World
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