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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.
More from Recode:
Google just showed Wall Street growth where it needed to — in its non-ads business
Google is building a new hardware division under former Motorola chief Rick Osterloh
Even under Alphabet, Google executives keep the same old tight control over shares
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:
—By Mark Bergen, Re/code.net.
CNBC's parent NBCUniversal is an investor in Recode's parent Vox, and the companies have a content-sharing arrangement.