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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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Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:45 p.m. ET: 19,282,972 — Total deaths: 718,851 — Total recoveries — 11,671,491Map.
  2. U.S.: Total confirmed cases as of 9:45 p.m. ET: 4,937,441 — Total deaths: 161,248 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Politics: Trump says he's prepared to sign executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases.
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Warren and Clinton to speak on same night of Democratic convention

(Photos: Abdulhamid Hosbas/Anadolu Agency via Getty Images, Sean Rayford/Getty Images)

Sen. Elizabeth Warren and Hillary Clinton both are slated to speak on the Wednesday of the Democratic convention — Aug. 19 — four sources familiar with the planning told Axios.

Why it matters: That's the same night Joe Biden's running mate (to be revealed next week) will address the nation. Clinton and Warren represent two of the most influential wise-women of Democratic politics with the potential to turn out millions of establishment and progressive voters in November.

Trump considering order on pre-existing condition protections, which already exist

Photo: Jim Watson/AFP via Getty Images

President Trump announced on Friday he will pursue an executive order requiring insurance companies to cover pre-existing conditions, something that is already law.

Why it matters: The Affordable Care Act already requires insurers to cover pre-existing conditions. The Trump administration is currently arguing in a case before the Supreme Court to strike down that very law — including its pre-existing condition protections.