The Dublin-based European subsidiary of Nest Labs, a connected home devices company acquired by Google for $3.2 billion in early 2014, returned to profit in 2016. Newly-filed accounts for the company show that it moved from a €25.8 million loss in 2015 to a €1.07 million profit a year later. The rebound came as Nest Labs Europe Ltd, whose directors include head of Google Ireland Fionnuala Meehan, reported a 69 per cent rise in turnover from €23.7 million to €40.1 million. The company, which had no employees bar a handful of directors, said it received €21.4 million in license fees during the year under review. The company has developed a number of so-called “smart home” products including thermostats, security cameras, video doorbells and smoke alarms.

Source: The Irish Times March 01, 2018 15:22 UTC