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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.

Go deeper

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
1 hour ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.

Wanted: New media bosses, everywhere

Illustration: Sarah Grillo/Axios

The Washington Post, Los Angeles Times, Reuters, HuffPost and Wired are all looking for new editors. Soon, The New York Times will be too.

Why it matters: The new hires will reflect a new generation — one that's addicted to technology, demands accountability and expects diversity to be a priority.