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Alphabet spins drone and internet balloon projects into independent companies 

Google parent company Alphabet just spun out two more subsidiary companies.

cyber-security business Chronicle, Waymo and Verily. Alphabet calls these companies “Other Bets.”

“Now that the foundational technology for these projects is built, Loon and Wing are ready to take their products into the world,” X CEO Astro Teller wrote in a blog post on the news, “This is work best done outside of the prototyping-focused environment of X.”

By becoming standalone businesses, Loon and Wing will now be required to more financially accountable than when they were part of the X division. In the first quarter of this year, Alphabet’s “Other Bets” category posted revenue of $150 million on operating losses of $571 million.

source : www.cnbc.com