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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Another Starship blast sets back Musk's Mars hopesSpeed Read Nobody was killed in the explosion, which occurred in south Texas
-
3 tips to save for a cruise this yearThe Explainer The convenience of a cruise doesn't necessarily come cheap without some strategic planning
-
Trump gives himself 2 weeks for Iran decisionSpeed Read Trump said he believes negotiations will occur in the near future
-
Economists fear US inflation data less reliablespeed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress codespeed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
