Other Bets continues to lose money as Google climbs higher.
Google's parent company Alphabet released its Q3 2016 earnings, showing massive growth for a company of this size. Revenues for the quarter were $22.4 billion, which is up a staggering 20% from the year prior, and net income hit new highs surpassing the $5 billion mark for the quarter.
As expected, the main Google business provided all of the income and profit for the quarter, with Alphabet's "Other Bets" segments posting an operating loss of $865 million, though that's an improvement from a $980 million loss this time last year. That means without Other Bets, the core Google business had an operating income of $6.78 billion for the third quarter.
It's amazing for a company this big to grow at these rates.
Breaking down Google's earnings, revenues from its own websites were up 23% year-over-year to $16 billion, advertising revenues jumped 18% to $19.8 billion and the "other revenues" segment, which includes the Google Store, grew 39% to $2.4 billion.
Rounding out the release, Alphabet has $83 billion in cash (and cash equivalents) on hands, and made $2.55 billion in capital expenditures in the quarter. The company added just shy of 10,000 employees in the past year, putting the total headcount up to 69,953.