Google is proving it’s not just a one-trick pony when it comes to making money.
Alphabet, Google’s parent company, saw its “other revenues” hit nearly $3.1 billion in the first quarter, a gain of about 50% from the same quarter a year earlier.
The segment includes sales from newer Google product categories like hardware, cloud services and the Google Play store.
Alphabet sales from its moonshots projects like Fiber and Nest also grew to $244 million in the quarter, up from $165 million a year earlier. However, Google’s loss for these ambitious projects ticked up slightly to $855 million.
Of course, the vast majority of Google’s revenue still comes from its core advertising business, which accounted for $21.4 billion of Alphabet’s $24.8 billion in overall sales.
In a founders’ letter published earlier Thursday, Google cofounder Larry Page suggested the company has gotten better at developing its newer business ventures in the nearly two years since restructuring as Alphabet.
“I… think we have learned a lot about how to set up new companies with a structure for success,” he wrote in the letter.
In December, Google spun off its self-driving car program into a separate business called Waymo. Google has also cut staff from its high-speed Internet service and recently brought on a new CEO.
Google stock has soared this year, pushing the company’s market cap above $600 billion this week for the first time.
But there are lingering concerns about the fallout from an advertiser boycott over offensive YouTube content. Some analysts estimate the financial hit to Google could be as much as $500 million — a significant sum, but a small amount relative to Google’s overall sales.
Martin Utreras, an analyst with eMarketer, said the boycott was unlikely to affect the first quarter earnings, given the controversy kicked off late in the quarter.
“However, with YouTube as a core driver of ad growth, we expect Google to quickly contain and address YouTube’s issues in order to maintain growth expectations for the year,” Utreras said in a statement.