$GOOGL · Schwab Network · 2026-10-29
GOOGL 营收与调整后每股收益均不及预期；净利润同比下降 25%，广告业务未达预期，原因是搜索查询量增长强劲，但通过 AI 模式变现不佳——广告位少且未在国际范围推出。云业务营收同比增长 103%，TPU 销售可观；自由现金流再次为负。股价下跌约 11.25%，跌破一年上升趋势。
逐段跳播
是的，我们看到它下跌了超过11%。这家公司实际上在好几个方面都出现了疲软。它的营收和调整后每股收益都低于预期。营收为1276亿美元，市场预期是1277.9亿美元。Sund Pashai确实说过，现在年化营收已经超过5000亿美元，这个运行率现在基本已经近在眼前。
调整后每股收益为267美元，市场预期是32美元。净利润确实低于预期，同比下降了25%。广告营收再次略有不及预期，为820.1亿美元，市场预期是834亿美元。但云营收是本季度的一大亮点，同比增长了103%。
自由现金流也为负，这已经是连续第二个季度了。自由现金流为负90.7亿美元，上一季度为负59亿美元。
Yeah, we are seeing a breakdown down over 11%. Now, the company actually had several different areas of weakness. It did actually miss both on revenue as well as the adjusted earnings per share. revenue came in at $127.6 billion.
Street was looking for 127 127.9 billion and Sund Pashai did say that now over half a trillion dollars in annualized revenue. Run rate is pretty much on the radar right now. The adjusted earnings per share came in at a $267.
Three Street was looking for $32. Well, net income did uh miss. That was actually down by 25% on a year-over-year basis. The advertising revenue once again a little bit of a shortfall coming in at $82.01 billion.
Street was looking for 83.4 billion, but the cloud revenue was the standout positive for this quarter coming in at an increase of 103% on a year-over-year basis. Now, the free cash flow did also come in negative, and this is the second quarter in the row.
Free cash flow came in negative 9.07 billion. Last quarter came in negative at $5.9 billion.
遗憾的是，现在看到广告业务或者说搜索业务出现了一些疲软，这其实不太是搜索需求的问题，他们确实谈到过这一点，搜索查询量的同比增长是五年来最高的，问题在于这种增长的变现，很多查询都流向了Alphabet旗下Google提供的AI模式，遗憾的是AI模式里虽然有一些广告，但并不多，而且他们还没有在国际市场上推出，这再次影响了他们的营收。
所以可以说，AI在某些方面正在蚕食他们的业务。确实如此，但这也意味着他们需要继续把AI模式整合进自己的业务组合中，才能保持盈利，或者说才能让市场相信他们没有在丢失市场份额。
Now unfortunately you are seeing the ad business or the search business kind of uh seeing some weakness and it's not so much demand for search actually talked about that year-over-year search uh query growth was the highest that they've seen in 5 years but it's the monetization of that growth a lot of that those queries are going through the AI mode that is provided by Google Alphabet and unfortunately there is some ads within AI mode but not that many and they do not have it rolled out on the international front which is once again impacting their revenue.
So you can make the case that is AI kind of cannibalizing their business in some respects. It is but it also is acknowledging that they uh need to continue to integrate the uh AI mode within their within their business mix here in order for them to be uh profitable or to be able to uh give some confidence to the street that they're not losing their market share.
TPU系统的销售继续推动整体营收，并且成为一个重要的驱动力，他们目前预计云营收或者说云业务积压订单大约在5610亿美元，其中55%可以在未来24个月内确认。所以显然搜索和广告营收在这里略有拖累，但他们在云业务以及TPU业务上看到了一些积极迹象。
the TPU system sales continues to actually drive and be a meaningful driver for overall revenue and they are actually expecting that cloud revenue or that cloud backlog sitting at around $561 billion right now that 55% of that can be recognized over the next 24 months.
So obviously search a negative ad revenue a little bit of a negative here but they are seeing some positive when it comes to cloud as well as the TPU business.
遗憾的是，股价今早再次下跌，跌幅约为11.25%。从技术面来看，我们现在已经跌破了过去一年形成的上升趋势。
Unfortunately, you are seeing the shares move to the downside once again about 11 and a quarter percent this morning. And technically speaking, we have now kind of broken the uptrend that we've seen over the last year.
这个频道对 $GOOGL 的历次判断
Schwab Network 在这只股票上共 23 条判断，这里只列相邻的几条。