Alphabet revenue came in at $127.58 billion, about $600–700 million short of Wall Street expectations
Adjusted earnings per share were $2.67, versus consensus of $3.02
This is the first time in nearly four years that both revenue and profit have come in below expectations
Advertising was down about $1.4 billion, and free cash flow plunged by $9.07 billion
Cloud, on the other hand, doubled to $30.7 billion, with growth topping 100%
But the market showed no mercy
On the Street, $GOOGLB briefly plunged about 9.4%
Trading is still moving—don't treat that as the closing price
Did the core business hold up?
Cloud did; advertising didn't
The real killer is that AI answers are opening a crack in search habits
Queries can grow, while ad monetization gets thinner
Management itself admitted that weaker monetization in AI Mode is weighing on Search growth
They're experimenting with putting ads in answer boxes, but the market has already voted with its feet
The CFO also said capital spending will ramp up significantly again in 2027
The full-year guidance of $195 billion to $205 billion is unchanged
Long-term debt surged severalfold in a year
The stronger Cloud gets, the more pressure there is on cash
My view is straightforward
This isn't just an ordinary earnings miss
It's the first time the market has voted with real money: AI is starting to bite into the core search advertising business
Even a stellar cloud business can't make up for that hit to advertising
Over the next few days, anyone chasing Google as a steady AI play should first ask whether ad prices and query volumes are both collapsing
The cracks in the core business stand out more than a single quarter's revenue figures
Sentiment can recover in a day
A crack in the ad monetization model can't be patched up overnight
$GOOGLB $BTC
#谷歌财报能否守住基本盘 #股票财报季 #BTC
Adjusted earnings per share were $2.67, versus consensus of $3.02
This is the first time in nearly four years that both revenue and profit have come in below expectations
Advertising was down about $1.4 billion, and free cash flow plunged by $9.07 billion
Cloud, on the other hand, doubled to $30.7 billion, with growth topping 100%
But the market showed no mercy
On the Street, $GOOGLB briefly plunged about 9.4%
Trading is still moving—don't treat that as the closing price
Did the core business hold up?
Cloud did; advertising didn't
The real killer is that AI answers are opening a crack in search habits
Queries can grow, while ad monetization gets thinner
Management itself admitted that weaker monetization in AI Mode is weighing on Search growth
They're experimenting with putting ads in answer boxes, but the market has already voted with its feet
The CFO also said capital spending will ramp up significantly again in 2027
The full-year guidance of $195 billion to $205 billion is unchanged
Long-term debt surged severalfold in a year
The stronger Cloud gets, the more pressure there is on cash
My view is straightforward
This isn't just an ordinary earnings miss
It's the first time the market has voted with real money: AI is starting to bite into the core search advertising business
Even a stellar cloud business can't make up for that hit to advertising
Over the next few days, anyone chasing Google as a steady AI play should first ask whether ad prices and query volumes are both collapsing
The cracks in the core business stand out more than a single quarter's revenue figures
Sentiment can recover in a day
A crack in the ad monetization model can't be patched up overnight
$GOOGLB $BTC
#谷歌财报能否守住基本盘 #股票财报季 #BTC
