Although it is reporting results separately, it's quite clear that Google still makes up more than the lion's share of the full company's revenue.
Google's shares were up nearly 6 per cent at $US795.68 in after-hours trading, after breaking through the $US800 level.
Total operating losses on "Other Bets" - which includes "moonshots" such as self-driving cars, glucose-monitoring contact lenses and Internet balloons - increased to $3.57 billion in the 12 months ended December 31.
Alphabet has taken Apple's position as the world's most valuable company when after-hours trading drove its stock price up.
Google has reported soaring annual revenue of $74bn for 2015, up from $65bn a year earlier, after strong advertising growth.
In its fourth-quarter earnings report, Alphabet said it brought in $21.33 billion in revenue, up 18% year over year. By that measure, analysts surveyed by Thomson Reuters had forecast Alphabet to earn $8.10 a share on $16.9 billion in revenue.
The company said the drop in its effective tax rate reflected the "impact of certain one-time items in the US".
The thought that, what was formerly known as Google and now a conglomerate called Alphabet is poised to become the most valuable company kept investors spirit high.
Revenue from "other bets" was $327 million (£158m) in 2014, so there is growth in these sectors, but 2014's operating loss was under $2 billion (£1.4bn).
Almost all of Alphabet's revenue comes from Google it is the first glimpse at how much "moonshots" cost.
Alphabet shares closed at $761.35 on Friday, valuing the company at about $517 billion, 4.4 percent shy of Apple's valuation of about $540 billion.
For those of us though, who were looking to get a peak on Google's self-driving auto project and the internet-spreader, Project Loon - nothing is there in the earnings report individually, largely because of the sheer amount of bets Alphabet has, in its "other bets" segment.
Paid clicks on Google websites were up 40% compared with the same period a year ago and up 22% compared with the previous quarter.
Google Chief Executive Sundar Pichai said on the call that its Gmail service crossed one billion monthly active users last quarter, joining Search, Android, Maps, Chrome, YouTube and Google Play in topping that mark.
Hillary Clinton beats Bernie Sanders to win Iowa
Unlike Iowa and New Hampshire, South Carolina has a large number of African-American voters, which should help Clinton . Mike Huckabee dropped out of the Republican race. "We are not waiting any longer to take our country back", Rubio said.
