#谷歌财报能否守住基本盘
$GOOGL The selloff started as soon as Google’s earnings data came out. Was this a case of the good news already being priced in?❓
Looking at the earnings figures, they did indeed come in below market expectations. Revenue was $127.6 billion, up 25% year over year, but slightly below the market forecast of around $128.2 billion.
Revenue came in slightly below expectations, search ad growth slowed, and AI capital expenditures reached as much as $51 billion, while free cash flow was deeply negative. The cloud business doubling was a bright spot, but the cash-cow business is showing signs of weakness. What the market fears most is that AI is burning through cash while eating into search monetization.
My personal take👇
This isn’t just an emotional valuation selloff; it’s a repricing of the returns on AI investment. Short-term pressure is real, but as long as search holds steady and cloud continues to grow rapidly, this pullback looks more like expectations being digested than a breakdown in the fundamentals.
The key is whether the next two quarters can prove that the money being spent can deliver higher growth and profits.
So overall, this is the common problem with AI: huge amounts of money are being spent, but profitability isn’t keeping pace.
$GOOGL The selloff started as soon as Google’s earnings data came out. Was this a case of the good news already being priced in?❓
Looking at the earnings figures, they did indeed come in below market expectations. Revenue was $127.6 billion, up 25% year over year, but slightly below the market forecast of around $128.2 billion.
Revenue came in slightly below expectations, search ad growth slowed, and AI capital expenditures reached as much as $51 billion, while free cash flow was deeply negative. The cloud business doubling was a bright spot, but the cash-cow business is showing signs of weakness. What the market fears most is that AI is burning through cash while eating into search monetization.
My personal take👇
This isn’t just an emotional valuation selloff; it’s a repricing of the returns on AI investment. Short-term pressure is real, but as long as search holds steady and cloud continues to grow rapidly, this pullback looks more like expectations being digested than a breakdown in the fundamentals.
The key is whether the next two quarters can prove that the money being spent can deliver higher growth and profits.
So overall, this is the common problem with AI: huge amounts of money are being spent, but profitability isn’t keeping pace.
