Heard on the Street: Facebook’s move has elicited comparisons with Google’s reorganization as Alphabet. But there are important differences.
with Google’s reorganization into the company currently known as Alphabet. That move, completed in October 2015, effectively separated the Google business from the moonshot projects dear to its founders’ hearts. The latter group was lumped into a business segment called Other Bets, the results for which were reported alongside those of Google’s main operations.
Losses, however, were big coming out of the gate. Other Bets lost a little over $3.5 billion in 2015, driven by its many early-stage ventures, such as life sciences, drone delivery and self-driving cars. Reporting them separately flattered Google’s core operating margins. That resonated with investors who had become worried about the company’s propensity to spend on projects that its founders conceded were “pretty far afield” for an online advertising company.
Facebook will be hard-pressed to repeat Alphabet’s magic. The company’s nonadvertising revenue of $2.8 billion over the past four quarters is nearly four times that of Alphabet. Its metaverse investments—which will be better reflected in the new reporting structure—will far exceed Alphabet’s ventures.
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