Alphabet's Q3 2016 earnings show massive growth, income hits $5 billion

Other Bets continues to lose money as Google climbs higher.

Google's parent company Alphabet released its Q3 2016 earnings, showing massive growth for a company of this size. Revenues for the quarter were $22.4 billion, which is up a staggering 20% from the year prior, and net income hit new highs surpassing the $5 billion mark for the quarter.

As expected, the main Google business provided all of the income and profit for the quarter, with Alphabet's "Other Bets" segments posting an operating loss of $865 million, though that's an improvement from a $980 million loss this time last year. That means without Other Bets, the core Google business had an operating income of $6.78 billion for the third quarter.