Security-system provider ADT Inc (NYSE: ADT) is capitalizing on its partnership with Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google’s smart-home business to increase revenue, the Wall Street Journal reported.
What Happened: In 2020, Google had acquired a 6.6% stake in ADT for $450 million. The companies also partnered to create intelligent home security offerings.
In late April, ADT began selling Google’s hardware, including its smart display and speakers, to its home-security customers. The two companies integrate their devices to ensure that ADT’s systems recognize Google voice commands and temperature controls. They are also drawing up plans for new products and services.
ADT reported a net loss of $48 million during Q1, due in part to fewer installations during the pandemic, compared with a $300 million loss a year earlier. It has not reported a full-year profit since its 2018 public listing.
The Q1 revenue slipped 5%, to $1.3 billion. ADT expects sales to bounce back with the economic recovery, particularly in light of the recent housing boom.
