AP Photo/Mark Lennihan, File

Google's parent company posted mixed results for the fourth quarter of 2016: $26.06 billion in revenue, beating analyst estimates of $25.26 billion, and $9.36 in earnings per share, missing analyst estimates of $9.64.

But there is good news: The losses from its "Other bets"—Nest along with the crazy projects like Internet drones, self-driving cars, and health research—has shrunk to $1.09 billion. "Other bets" lost $1.21 billion in the year-ago quarter. The category's revenue has also grown to $262 million, up from $150 million in the year-ago quarter.

How that happened: Much of this is likely due to CFO Ruth Porat's disciplined approach to Alphabet's finances. While the company used to more freely invest in experimental projects, Porat's set out to curb unnecessary costs and shed projects that won't contribute to the company's bottom line.

  • In the past year, Google has sought to sell or shut down several such divisions, including Boston Dynamics, Titan, and reportedly Terra Bella, and Google Fiber, among others.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 10,695,608 — Total deaths: 516,225 — Total recoveries — 5,481,526Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 2,686,582 — Total deaths: 128,062 — Total recoveries: 729,994 — Total tested: 32,827,359Map.
  3. Federal government: Trump says he still thinks coronavirus will "just disappear" at some point, supports another round of direct payments to Americans.
  4. Public health: Thanks to coronavirus, your home is now your gymFormer FDA chief says 500,000 Americans may be contracting coronavirus a day.
  5. States: Georgia and Arizona report record new coronavirus cases — California shuts down bars and indoor dining for most residents.
  6. 1 ⚽️ thing: 6 players test positive for coronavirus before MLS comeback tournament.
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U.S. daily coronavirus cases top 50,000 for first time

A medical technologist processes test samples for the coronavirus at a lab in Tampa, Florida, on June 25. Photo: Octavio Jones/Getty Images

A record 50,655 tested positive for the novel coronavirus in the United States on Wednesday, Johns Hopkins data shows.

Driving the news: The pandemic is accelerating across the U.S., with the Sun Belt being hit particularly hard. Daily coronavirus case records were reported on Wednesday in Texas (8,076), Arizona (4,878), Georgia (2,946), North Carolina (1,843) and Tennessee (1,806).

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Biden outraises Trump again with record $141 million June haul

Democratic presidential candidate and former Vice President Joe Biden at Philadelphia City Hall in Pennsylvania in June. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden and the Democratic Party raised $141 million in June, his campaign announced on Wednesday night.

Why it matters: It's the most the presumptive Democratic presidential nominee has raised in a month. It's also more than the record $131 million President Trump's re-election campaign and the Republican National Committee raised last month.