Happy birthday, Alphabet.
Three years ago Friday, Google co-founder and then-CEO Larry Page first announced the new corporate structure that separated Google's core businesses from its more experimental "Other Bets," including its health-care projects and venture capital arms.
Page wrote at the time that splitting the company into various subsidiaries would allow Google-proper to focus, while pushing its Other Bets to be both more ambitious and financially accountable. Google could keep pumping out advertising profit while one of the Other Bets would hopefully, eventually become the next multibillion-dollar business.
So far, the restructuring looks like a win financially. The stock price is up more than 85 percent and the Google side of the business has gone gangbusters, with quarterly revenues surging by more than $13 billion since the second quarter of 2015 under its new CEO, Sundar Pichai, while Page stays out of the public eye as the CEO of the larger Alphabet holding company.
What's less clear looking back, however, is whether the new model has increased Other Bets innovation or slowed it down. Since the Alphabet announcement, the company has introduced a handful of new subsidiaries, sucked one back into Google, and even spun off several projects into independent companies outside of Alphabet.
On this anniversary, here's a look at some of the challenges and benefits of Alphabet's soup: