Google makes bank. Alphabet's other projects? Not so much. In the most recent fiscal year, Alphabet lost $3.6 billion on its "Other Bets," the hilariously demeaning term it uses to refer to its non-Google business divisions — like X, which develops balloon-powered internet access and drone delivery. That's double what the Bets lost the year before, Bloomberg reports. Google's ad business, meanwhile, brought in $76.1 billion — some 89 percent of Alphabet's total revenue.
"No one wants to face the reality that this is an advertising company with a bunch of hobbies," said one ex-Google executive.