钛媒体:引领未来商业与生活新知 02月06日
Alphabet Stocks Dive Nearly 7% on Google Cloud Sales Miss, Big AI Spending Plan amid DeepSeek Shock
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Alphabet Inc. 股价周三下跌超过 6.9%,抹去了过去三周的所有涨幅。财报显示,Alphabet第四季度营收为964.7亿美元,略低于华尔街预期的966.2亿美元。虽然核心业务数字广告表现强劲,但被视为未来增长引擎的云计算业务未达预期。谷歌云收入同比增长30%至119.6亿美元,但低于分析师预期的121.9亿美元。公司预计2025年资本支出约为750亿美元,远高于分析师预期的579亿美元,引发了人们对云业务供应限制和搜索性能的担忧。中国AI初创公司DeepSeek的崛起也给Alphabet带来了压力。

📊 营收未达预期:Alphabet第四季度营收964.7亿美元,略低于华尔街预期,云计算业务增长放缓是主要原因。

☁️ 云业务增长放缓:谷歌云收入同比增长30%至119.6亿美元,低于分析师预期,增速较上一季度有所下降。

💰 资本支出大幅增加:Alphabet预计2025年资本支出约为750亿美元,远高于分析师预期,主要用于AI领域的投入。

TMTPOST -- Alphabet Inc. stocks dived more than 6.9% on Wednesday, erasing all their gains in the past three weeks. Shares sold off on slower-than-expected cloud sales and Google parent’s more aggressive artificial intelligence (AI) spending amid the shock from highly-efficient Chinese upstart DeepSeek.

Credit:Google

Alphabet reported revenue of $96.47 billion for the quarter ended December 31, missing Wall Street forecast of $96.62 billion. The Diluted earnings per share (EPS) for the quarter soared 31.1% year-over-year (YoY) to $2.15, compared with analysts’ estimates of $2.13. Operating income was $30.97 billion with a 83.2% YoY increase, whereas analysts expected $30.72 billion. The operating margin climbed 5 percentage points YoY to 32%, topping expectation of 31.9%.

From October to December 2024, Alphabet revenue grew 11.8% from a year ago, registering its slowest grow rate since the third quarter of 2023. While the core business digital advertising was stronger than Wall Street projection, the cloud computing business, which is deemed as the future growth engine, fell short of anticipated.

Google advertising generated $72.46 billion with a 10.6% YoY rise for the December quarter, compared with analysts’ forecast of $71.73 billion. In the segment, both Google Search and YouTube ad grew stronger than expected. Revenue from Google Search and other rose 12.5% YoY to $54.03 billion, versus analysts projected $53.29 billion. YouTube ad recorded revenue of $10.47 billion with a 13.8% YoY increase. The growth accelerated from 12.2% increase for the previous quarter, fueled by the U.S. presidential campaign last year. Analysts had expected YouTube contributed $10.22 billion.

Revenue from Google Cloud jumped 30% YoY to a new record of $11.96billion for the fourth quarter, but less than analysts estimated $12.19 billion. The increase in revenue was a sharper slowdown than expected following a 35% growth in the third quarter. Operating income of the business soared 142.2% to another quarterly record of $2.09 billion, beating estimated $2.04 billion. The growth of operating income still cooled compared with a 632% YoY increase three months ago. 

 Cloud is the business of tech giants that is currently most evidently benefiting from generative AI applications as their investments in developing AI helped drive demand for cloud services. Alphabet and Google CEO Sundar Pichai attributed the double-digit revenue growth to AI innovation and deployement.

“Q4 was a strong quarter driven by our leadership in AI and momentum across the business. We are building, testing, and launching products and models faster than ever, and making significant progress in compute and driving efficiencies,” said Pichai in a statement late Tuesday.” In Search, advances like AI Overviews and Circle to Search are increasing user engagement. Our AI-powered Google Cloud portfolio is seeing stronger customer demand, and YouTube continues to be the leader in streaming watchtime and podcasts. Together, Cloud and YouTube exited 2024 at an annual revenue run rate of $110 billion.”

Pichai said Alphabet expected to invest about $75 billion in capital expenditures (CapEx) in 2025. The planned spending was much more than analysts’ projected $57.9 billion. That spending suggested a YoY surge of nearly 43%, whereas the company’s CapEx grew 10.2% YoY for the year 2024.  

Alphabet’s high CapEx raised more concerns in light of supply constraints in the cloud business and search performance that merely met expectations. Alphabet could face more pressure from DeepSeek’s sudden rise as the search engine giant’s massive investment in AI hasn’t so far produced any outsized returns.

"With that in mind, it is still unclear to us whether Google will be able to extract increased monetization from AI?Overviews" relative to traditional search-engine results pages, "or how quickly supply constraints in [the Google Cloud Platform] will be alleviated, so for the time being we alongside investors will need to wait for sharper product development/release signals to materialize," UBS analyst Stephen Ju wrote. He has a neutral rating on the stock.

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