Google parent Alphabet’s profit soars 24% despite losses on risky bets
Business is booming at Google’s parent company, Alphabet Inc., even as it loses billions of dollars on kooky-sounding projects that may never produce any revenue.Most of the losses are concentrated in Alphabet’s X lab, a wellspring of far-out ideas that Google co-founder Sergey Brin launched about six years ago.The lab is responsible for some once-zany projects, such as Google’s self-driving cars, that matured into potentially revolutionary technology. It also has pursued but ultimately abandoned other outlandish endeavors, such as an effort to convert seawater into gasoline.Exploring new technological frontiers is expensive. Although Alphabet doesn’t disclose the X lab’s specific frontiers, it is believed to account for the majority of the losses in the Other Bets segment of the company’s financial statement
Källa: Google parent Alphabet’s profit soars 24% despite losses on risky bets – LA Times
