Alphabet: over a third of cloud backlog growth comes from joint venture

Alphabet said demand for its cloud services is rising quickly and its backlog of unfulfilled contracts is growing, but more than a third of that quarterly growth comes from a joint venture it partly owns. The disclosure in a regulatory filing points to risks extending beyond the company's $1 trillion valuation.

• Over a third of quarterly cloud backlog growth comes from a partly owned JV
• Alphabet cites rapid growth in demand for its cloud services
• Risks disclosed in a filing amid a valuation above $1 trillion