Photo by Jaap Arriens/NurPhoto via Getty Images

Google parent company Alphabet's stock was down roughly 4% in after-hours trading Monday after the company reported that it met Wall Street expectations revenue and earnings per share, but reported nearly doubled losses for its "other bets" category, which includes Alphabet-owned side projects like Nest, Waymo and Verily.

Why it matters: Investors are increasingly anxious to see how well Google is able to monetize areas outside of advertising, and high costs for "other bets" could be a signal that it still has a way to go in building out some of those revenue streams.

The big picture: Like its advertising rival Facebook, Google continued to meaningfully grow its advertising business last quarter, despite increased privacy concern from lawmakers. In total, its ads business grew 20% year over year last quarter.

Between the lines: Despite ongoing success in its advertising revenues, Google is still trying to diversify its business to lessen its reliance on advertising by moving into other areas like cloud computing.

  • Revenue around these new ventures, which also include hardware sales, grew 30% year over year to $6.487 billion.

By the numbers, per CNBC:

  • Earnings: $12.77 per share vs. $10.82 according to Refinitiv consensus estimates
  • Revenue: $39.28 billion vs. $38.93 billion according to Refinitiv consensus estimates
  • Traffic acquisition costs: $7.44 billion vs. $7.62 billion according to StreetAccount

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California to independently review FDA-approved coronavirus vaccines

California Gov. Gavin Newsom. Photo: Justin Sullivan/Getty Images

California will "independently review" all coronavirus vaccines approved by the Food and Drug Administration before allowing their distribution, Gov. Gavin Newsom (D) announced at a news conference Monday.

Why it matters: The move that comes days after NAID director Anthony Fauci said he had "strong confidence" in FDA-approved vaccines could cast further public doubt that the federal government could release a vaccine based on political motives, rather than safety and efficacy.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Politics: Trump says if Biden's elected, "he'll listen to the scientists"Trump calls Fauci a "disaster" on campaign call.
  2. Health: Coronavirus hospitalizations are on the rise — 8 states set single-day coronavirus case records last week.
  3. States: Wisconsin judge reimposes capacity limit on indoor venues.
  4. Media: Trump attacks CNN as "dumb b*stards" for continuing to cover pandemic.
  5. Business: Consumer confidence surveys show Americans are getting nervousHow China's economy bounced back from coronavirus.
  6. Sports: We've entered the era of limited fan attendance.
  7. Education: Why education technology can’t save remote learning.
Updated 2 hours ago - Politics & Policy

Microphones will be muted during parts of Thursday's presidential debate

Photos: Jim Watson and Saul Loeb/AFP via Getty Images

The Commission on Presidential Debates adopted new measures on Monday to mute the microphones of President Trump and Joe Biden to allow each candidate two minutes of uninterrupted time per segment during Thursday night's debate.

Why it matters: During September's chaotic debate, Trump interrupted Biden 71 times, while Biden interrupted Trump 22 times.