Today marks Google’s first earnings report as Alphabet (GOOG), revealing $21.33 billion in revenue and $8.67 earnings per share for the fourth 2015 quarter. Google, now a subsidiary of Alphabet, drove about 99 percent of the company’s total revenue, or $21.178 billion.

Analysts expected $20.77 billion in revenue and $8.09 earnings per share on average for Alphabet.

Although the Alphabet transition went into effect last year, the company only now divides earnings into two main categories: Google (the core businesses) and something called “Other Bets” (Alphabet’s riskier projects).

Here’s how Alphabet defines the two categories.

Google: “Search, Ads, Commerce, Maps, YouTube, Apps, Cloud, Android, Chrome, Google Play as well as hardware products we sell, such as Chromecast, Chromebooks and Nexus.”

Other Bets: “Access/Google Fiber, Calico, Nest, Verily (formerly Google Life Sciences), GV (formerly Google Ventures), Google Capital, X (formerly Google [X]) and other initiatives.”

Google is responsible for the vast majority of Alphabet’s revenue. The company’s Other Bets drove $448 million revenue and $3.6 billion operating loss last year.

In other news, Alphabet is now the most valuable company on earth.


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