Good news for investors: Google still thumbs nose at Wall St.

The new Google logo is displayed at the Google headquarters on September 2, 2015 in Mountain View, California. Technology investors who bought shares of Alphabet last year on optimism that new CFO Ruth Porat would increase fiscal discipline were disappointed Friday. They pushed the Google parent's GOOGL shares down 5% to 737.77 on heavy trading volume, a day after learning that the company's investments in what it calls Other bets remain a drag on short-term profits. The category posted a first-quarter operating loss of 802 million, while generating sales of just 166 million, just a tiny fraction of overall revenue of 20 billion. Alphabet's money-losing moonshots take shine off Google's ad business Other bets include expensive, speculative projects such as building a self-driving car or bringing fiber-optic Internet cables into neighborhoods.