Did they invest a lot on fibre infrastructure? There are only in a couple of smallish cities and towns and most of their service deployment is based on existing infrastructure, AFAIK. Maybe I have missed something...
They're tracking to spend upwards of $3-$3.5 billion in 2016 on Google Fiber. They're likely spending a fair sum on infrastructure as well as everything else.
(from Q4 2015)
"In the earnings announcement this week, Alphabet (the parent company of Google) shared that most of it’s $869 million in capital spend on “Other Bets” went to Google Fiber, according to CFO Ruth Porat, and that Google Fiber would continue to be a driver of CapEx spending going forward."
