As a whole, Alphabet posted total revenue of $21.32 billion for the fourth quarter, although Google was the driver behind the revenue, the “Other Bets” companies just happy to spend it – losing lost $3.6bn during the period.
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“We’re excited about the opportunities we have across Google and Other Bets to use technology to improve the lives of billions of people”, Porat added.
In October 2015, Google established Alphabet as its parent company and separated its riskier ventures, like self-driving cars and the Project Loon internet balloon system, from its more profitable suite of products like YouTube.
Google reported earnings Monday afternoon for the first time under the Alphabet name, the umbrella company Google unveiled in a restructuring past year.
Alphabet reported that is overall revenue for past year rose to $74.5 billion from $65.7 billion in 2014.
Its combined share classes were then worth $554 billion, surpassing Apple (AAPL), which had a value of about $534 billion and whose shares were down slightly after hours. However that has taken a battering lately because while Jobs’ Mob has not made anything new, Google has been going from strength to strength.
There are no words to describe how Apple might be feeling right now when it was surpassed by Google’s parent company, Alphabet, as the world’s most valuable company.
For the first time the company’s core business was broken out from its big-swing “moonshot” projects, allowing investors to see inside the tech giant with a little more clarity, and they like it a lot. Google is its bread and butter, but there’s also Alphabet’s fiber Internet business, its Nest division, and several others to carry the torch.
Alphabet (NASDAQ:GOOGL) last issued its earnings results on Monday, February 1st.
The new Alphabet structure was CFO Ruth Porat’s idea.
Pichai said that Google is seeing “incredible progress” with enhancing services with artificial intelligence. “We love it when businesses re-accelerate”, he said.
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However, the continued rise of search and advertising could be down to rival Apple, one analyst has argued, suggesting that as more mobile users move to its iOS platform over Google’s Android, Google actually benefits.
