Google’s parent company more than doubled the revenue it generated from its moonshots like its smarthome company Nest, broadband provider Google Fiber, and life sciences division Verily. Unfortunately, Alphabet is also losing more money on those bets.
These projects are important for Alphabet as investors pressure the company to diversify its revenue beyond Google’s search business. But Google does have one non-search success story: YouTube has emerged as one of the company’s .
Googly's Meal Deal:
(CARRY OUT ONLY)
Still, the growth in mobile search revenue is good news as Alphabet’s various moonshots keep . The company does need to keep diversifying, but search is still going strong.
Advertising revenue increased by 16 percent year-over-year, Google said. The company didn’t break down how much of that came from mobile search, but CFO Ruth Porat said mobile search was the biggest driver of that increase, largely as the result of changes to the company’s mobile ad formats during the third quarter of last year.