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Happy birthday, Alphabet. You’re one year old, and no less confounding to the outside world.

Today marks the one year anniversary of the day Google co-founders Larry Page and Sergey Brin picked a new name and an audacious corporate structure in an attempt to spawn gigantic tech businesses in industries way beyond web search.

So far, the year has been great for Google. Unshackled from the unprofitable moonshots, its balance sheet and steady ads business growth has reassured investors.

It’s been bumpier for “Other Bets,” the hodgepodge, ever-evolving group of companies outside of Google that Page and Brin desperately want to behave like lean, world-changing startups.

This process, which includes imposing financial milestones and structures on several units that never had them before, is very much a work in progress.

Here are some highlights and lowlights from the first year:

Google

The business soars: Revenues topped 21 percent growth last quarter and operating margins keep getting fatter.

Revenues topped 21 percent growth last quarter and operating margins keep getting fatter. More focus: One senior exec at Google recently explained a key change from the Alphabet reorg: Before, meetings cluttered with discussion of extraneous projects — the self-driving cars, medical doodads and internet balloons. Now, Google meetings are spent on Google alone.

One senior exec at Google recently explained a key change from the Alphabet reorg: Before, meetings cluttered with discussion of extraneous projects — the self-driving cars, medical doodads and internet balloons. Now, Google meetings are spent on Google alone. Porat appeases Wall Street: Not too long ago, investors were making fretful phone calls about Google’s abundant spending. Not anymore. Thank Ruth Porat, the former Morgan Stanley CFO who helped orchestrate the Alphabet reshuffle. “Implementing a competitive culture in what was becoming a behemoth — that’s critical,” said Colin Gillis, an analyst with BGC Partners. “Ruth Porat has been priced into the stock.”

Not too long ago, investors were making fretful phone calls about Google’s abundant spending. Not anymore. Thank Ruth Porat, the former Morgan Stanley CFO who helped orchestrate the Alphabet reshuffle. “Implementing a competitive culture in what was becoming a behemoth — that’s critical,” said Colin Gillis, an analyst with BGC Partners. “Ruth Porat has been priced into the stock.” About that stock: It has climbed nearly 24 percent since August 10th of last year.

It has climbed nearly 24 percent since August 10th of last year. The c loud cometh: Google CEO Sundar Pichai somehow convinced Diane Greene, a big name in the enterprise world, to come from Google’s board to run its new cloud unit. That unit seems, slowly but surely, to be becoming business hit number two after search ads.

Google CEO Sundar Pichai somehow convinced Diane Greene, a big name in the enterprise world, to come from Google’s board to run its new cloud unit. That unit seems, slowly but surely, to be becoming business hit number two after search ads. Taking on Oculus: Earlier this year, Google launched a virtual reality division, which is set to compete with Facebook to own both the devices and, perhaps more critically, the software behind the newfangled media.

Earlier this year, Google launched a virtual reality division, which is set to compete with Facebook to own both the devices and, perhaps more critically, the software behind the newfangled media. Hardware cohesion: Google finally brought together its disparate hardware parts under one roof. Now it has to ship its most significant product: A rival to Amazon’s surprise hit, Echo. And perhaps give us answers about the long awaited follow-up to Google Glass. The company has not provided any clarity into its strategy.

Other Bets