Google ‘moonshots’ increasingly expensive
“Our Q1 results represent a tremendous start to the year with 17% revenue growth year on year and 23% growth on a constant currency basis,” said Ruth Porat, chief financial officer of Alphabet, in a written statement. “We’re thoughtfully pursuing big bets and building exciting new technologies, in Google and our Other Bets, that position us well for long-term growth.”
Those Other Bets are better known as Google’s moonshots.
The company also noted that its moonshots – which stray far from core money makers like search and Android to things like Google Fiber, Google X, Internet connectivity balloons and wearables – showed $166 million in revenue for the first quarter of 2016. That’s up from $80 million for the last quarter of 2015.
However, Google also reported that those longer-term projects, which had an operating loss of $633 million in 2015’s fourth quarter, showed an operating loss of $802 million this past quarter.
The company did not break out numbers for the individual projects, so it’s not clear how much money is going into driverless cars compared to smart home devices.
IDG News Service
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