Stocks/Earnings

Revenues Rise, Losses Widen At Alphabet’s ‘Other Bets’

Group includes Google Fiber (Updated) 7/28/2016 4:16 PM Eastern Last updated at 7/28/2016 4:46 PM

“Other Bets,” the unit of Google parent company Alphabet that includes Google Fiber, saw revenues climb amid bigger losses.

 

Other Bets  pulled in revenues of $185 million, up from $74 million a year ago, while operating losses widened to $709 million, from $555 million.

 

Other Bets generally includes so-called “moonshot,” longer-term projects that also include Nest and Verily. 

 

Update: Speaking on the earnings call, Alphabet CFO Ruth Porat said the majority of Other Bets revenues were generated by Nest, Google Fiber and Verily. 

 

Alphabet’s Q2 consolidated revenues climbed 21% to $21.5 billion, and GAAP net income of $$4.87 billion, up from 3.93 billion.

 

Google ad revenues rose 19%, to $19.14 billion.

 

"Our terrific second quarter results, with 21% revenue growth year on year, and 25% on a constant currency basis reflect the successful investments we've made over many years in rapidly expanding areas such as mobile and video. We continue to invest responsibly in support of our many compelling opportunities,” Porat said in a statement.

 

Shares in Alphabet were up $28.15 (3.77%) to $774.06 each in after-hours trading. 

 

More to come after the earnings call. 

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