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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

Go deeper

Miriam Kramer, author of Space
29 mins ago - Science

NASA's Mars helicopter is a test for the future of space exploration

Ingenuity (left) with Perseverance on Mars. Photo: NASA/JPL-Caltech/MSSS

NASA is set to fly the first test flight of its tiny Ingenuity helicopter on Mars Sunday, marking the advent of drones for space exploration.

Why it matters: If successful, this flight will be the first time a human-built aircraft has flown on a world other than Earth, opening the door to new means of exploring planets far from our own.

Bryan Walsh, author of Future
1 hour ago - Politics & Policy

The global future is looking dark and stormy

Illustration: Rae Cook/Axios

A new 20-year-forecast for the world: increasingly fragmented and turbulent.

The big picture: A major report put out this week by the National Intelligence Council reflects a present rocked by the COVID-19 pandemic. How the next two decades will unfold depends largely on whether new technologies will ultimately unite us — or continue to divide us.

11 hours ago - Politics & Policy

Rep. Gaetz declares he's "not going anywhere" amid sex trafficking probe

Rep. Matt Gaetz. Photo: Eva Marie Uzcategui/Bloomberg via Getty Images

Rep. Matt Gaetz (R-Fla.) doubled down Friday night, saying he's not "going anywhere," and vowing, "I have not yet begun to fight," amid a federal investigation into sex trafficking allegations.

What he's saying: “I’m built for the battle, and I’m not going anywhere,” Gaetz, who denies the allegations, said during a Women for America First event at the Trump National Doral Miami resort.