Google did a $70B stock buyback last year. Every year they are doing similar numbers for the last 5 years.
In 2012 they had $50B cash on hand. Today despite the buybacks every year they still have $100-150Billion cash on hand, while Comcast is only worth $150 Billion.
They could absolutely afford it now and most likely 10 years back as well without even considering financing the deal.
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Google is just very bad at acquisitions, they simply are too risk averse and don't have the DNA.
Compare with a peer like Microsoft in the same time frame: bought Linkedin($24B), Github ($8B) Activision($70B) invested in OpenAI ($10B),
or Facebook : Instagram($1B), Occulus($3B), WhatsApp($19B).
Mandiant is the only acquisition of note since Motorola even that is pretty small at $5B.
Any reasonable observer wouldn’t compare the first 15 years of google to the next 15.
Also the examples(baring fitbit ) you cite were great product ideas but fairly small companies, it takes a very different kind of DNA to assimilate large organizations and still be somewhat functional, this is what a comcast acquisition would be .
Microsoft or even SAP have practiced this for years Google has in the last 10 years done of note only Fitbit and Mandiant you could maybe consider also Nest in outside edge of the window in 2014 , all small bets for google’s size
Apple is also similar, both companies believe they will do better doing everything in-house rather than acquire expertise in areas of interest (fiber, cars etc ) so far they have failed and now are content in giving money back to shareholders rather than find useful areas to invest .
In 2012 they had $50B cash on hand. Today despite the buybacks every year they still have $100-150Billion cash on hand, while Comcast is only worth $150 Billion.
They could absolutely afford it now and most likely 10 years back as well without even considering financing the deal.
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Google is just very bad at acquisitions, they simply are too risk averse and don't have the DNA.
Compare with a peer like Microsoft in the same time frame: bought Linkedin($24B), Github ($8B) Activision($70B) invested in OpenAI ($10B), or Facebook : Instagram($1B), Occulus($3B), WhatsApp($19B).
Mandiant is the only acquisition of note since Motorola even that is pretty small at $5B.