Waymo’s backers valued it at $126 billion. The Alphabet division that houses it brought in $372 million last quarter—and lost $2.05 billion

Alphabet lost $482 billion in market value Thursday, its worst day since going public in 2004. The robotaxi business it’s taking to London and Tokyo barely registers in the third-quarter results behind that drop: Other Bets—the division that houses Waymo—brought in $372 million, about 0.29% of Alphabet’s $127.6 billion in sales, and lost more than five times that. Thursday’s sell-off was driven by Google’s core search business, analysts concluded. Waymo still has to expand overseas inside a company whose shareholders just punished it for how much it spends, and it is leaning more on outside investors and lenders to pay…

Source: Fortune Crypto