证券研究报告 | 2024年07月25日 谷歌(ALPHABET)-A（GOOGL.O)24Q2 财报点评 优于大市 云增速持续提升，广告业务在宏观承压下保持稳健 业绩总览：广告业务持续加速增长，云增速恢复，利润率显著提升。① 整体：FY24Q2 公司营收 847 亿美元（同比+13.6%，CC+15%），GAAP 毛 利率 58.1%，营业利润 274 亿美元（营业利润率 32.36%）。②分业务： 谷歌服务收入 739 亿美元（同比+11.5%），营业利润率 40%，其中包括 谷歌广告收入 646 亿美元（同比+11.13%）和其他非广告业务收入 93 亿 美元（同比+14.4%）。广告收入包括谷歌搜索广告收入 485.1 亿美元（同 比+13.8%），YouTube 广告收入 86.6 亿美元（同比+13%），谷歌网络联 盟收入 74 亿美元（同比-5.2%）。谷歌云收入 103.5 亿美元（同比+28.8%、 环比+8%）；Other Bets（创新业务）收入 3.65 亿美元（同比+28.1%）。 业务重点：①广告业务在宏观经济弱化下保持整体稳健增长：广告收入 同比 11%（环比-2pcts），北美 ...

Investment Rating - The report maintains a "Buy" rating for Google (GOOGL US) with a target price of $208 [2][3] Core Views - Google's FY24Q2 revenue and profit slightly exceeded expectations, driven by strong performance in search and cloud businesses [1] - AI is identified as a key growth driver, with the company optimistic about AI prospects [1] - FY24Q2 revenue reached $84 74 billion, up 14% YoY, surpassing market expectations of $84 37 billion [2] - Adjusted EPS for FY24Q2 was $1 89, up 31% YoY, slightly above the market expectation of $1 84 [2] - Operating margin improved to 32%, up 3 2 percentage points YoY, due to effective cost and expense control [2] Business Segment Performance - Google Services revenue grew 11 5% YoY to $73 9 billion in FY24Q2 [2] - Search advertising revenue reached $64 6 billion, up 11% YoY, driven by retail and financial advertising growth [2] - YouTube advertising revenue grew 13% YoY, while Google Network revenue declined 5 2% [2] - Google Cloud revenue surged 29% YoY to $10 3 billion, achieving $1 billion in operating profit [2] - AI infrastructure and generative AI solutions have generated billions in revenue, with over 2 million developers using these services [2] Financial Projections - Revenue forecasts for FY2024E-FY2026E adjusted to $349 5/$383 0/$414 8 billion (previous $356 7/$393 0/$427 9 billion) [2] - Net profit forecasts for FY2024E-FY2026E raised to $94 6/$107 3/$115 8 billion (previous $86 6/$98 6/$106 7 billion) [2] - 2025 P/E ratio set at 24X, implying a target market capitalization of $2 58 trillion [2] Capital Expenditure - FY24Q2 CAPEX reached $13 2 billion, up 91% YoY, driven by infrastructure needs [12] - The company expects quarterly CAPEX to remain at or slightly above $12 billion for FY2024 [1][2] Market Data - Current stock price: $183 60 [3] - 52-week price range: $121 26-$193 31 [4] - Current market capitalization: $2 27 trillion [4]

Investment Rating - The report assigns an "Overweight" rating to Google (GOOGL.US) [1][3]. Core Insights - Google's Q2 FY24 revenue and profit slightly exceeded expectations, driven by strong growth in search and cloud businesses, with AI being a significant growth driver [1][3]. - The company remains optimistic about the future of AI, expecting quarterly CAPEX to maintain or slightly exceed $12 billion in FY24 [1][3]. Revenue and Profit Performance - Google achieved Q2 FY24 revenue of $84.74 billion, a year-on-year increase of 14%, slightly above the market expectation of $84.37 billion [3]. - Adjusted EPS for Q2 FY24 was $1.89, up 31% year-on-year, also exceeding market expectations of $1.84 [3]. - Operating margin for Q2 FY24 was 32%, up 3.2 percentage points year-on-year, attributed to ongoing cost and expense control [3][8]. Segment Revenue Growth - Revenue from Google Services in Q2 FY24 was $73.9 billion, a year-on-year increase of 11.5%, with advertising revenue reaching $64.6 billion, up 11% [3]. - Google Cloud revenue for Q2 FY24 was $10.3 billion, a year-on-year increase of 29%, contributing $1 billion in operating profit [3][10]. Capital Expenditure and AI Investment - Capital expenditure for Q2 FY24 reached $13.2 billion, primarily driven by infrastructure needs, with expectations for FY24 quarterly CAPEX to remain at or slightly above $12 billion [3][12]. - The company believes that the risks of insufficient investment in AI far outweigh those of over-investment [3][12]. Financial Forecasts - Revenue forecasts for FY2024E-FY2026E have been adjusted to $349.5 billion, $383 billion, and $414.8 billion, respectively, with net profit forecasts raised to $94.6 billion, $107.3 billion, and $115.8 billion [3][13]. - The target price for Google has been raised to $208, with a P/E ratio of 24X for 2025, corresponding to a target market capitalization of $2.58 trillion [3][13].

leventince/E+ via Getty Images Stock-Based Compensation (SBC) is a practice that originated some 75 years ago, as some companies began offering their management personnel opportunities for a stake in their employer's equity as an alternative to, or in replacement of, cash salary and wages. Remember that this was back in the day when discount brokerages didn't exist, meaning significantly fewer individuals had the means to own stocks. This article really isn't about the advantages for a company having th ...

Key TakeawaysShares of Google parent Alphabet lost ground Wednesday amid concerns about higher spending on artificial intelligence (AI) investments. Analysts were more bullish, with several raising their price targets based on Google's strengths and signs of benefits from AI.However, some warned Alphabet could still face an "uphill climb ahead" in the second half due to tougher comps and expected search and YouTube deceleration. Shares of Google parent Alphabet (GOOGL) lost ground Wednesday amid concerns ab ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________________________________ FORM 10-Q ________________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the tran ...

Revenue Growth - Q2 2024 revenues reached $85 billion, a 14% year-over-year increase driven by Search and Cloud, with Cloud exceeding $10 billion in quarterly revenues for the first time[1] - Revenue for Q2 2024 increased to $84.742 billion, up from $74.604 billion in Q2 2023, representing a 13.6% growth[17] - Total revenues for Q2 2024 were $84.742 billion, a 14% increase from $74.604 billion in Q2 2023[31] - Constant currency revenues for Q2 2024 were $85.907 billion, a 15% increase compared to Q2 2023 when excluding the FX effect[31] - Total constant currency revenues for Q2 2024 were $85.2 billion, a $4.7 billion increase compared to Q1 2024[32] - Revenues excluding hedging effect grew to $74.601 billion in Q2 2023, an 8% increase from $69.310 billion in Q2 2022[35] Google Cloud Performance - Google Cloud achieved $1 billion in operating profit for the first time in Q2 2024[1] - Google Cloud revenues rose to $10.347 billion in Q2 2024, a significant increase from $8.031 billion in Q2 2023[5] - Google Cloud revenue increased to $10.347 billion in Q2 2024, up from $8.031 billion in Q2 2023, a 28.8% growth[22] - Google Cloud operating income improved to $1.172 billion in Q2 2024, up from $395 million in Q2 2023, a 196.7% surge[22] Google Services Performance - Google Search & other revenues grew to $48.509 billion in Q2 2024, up from $42.628 billion in Q2 2023[5] - YouTube ads revenues increased to $8.663 billion in Q2 2024 from $7.665 billion in Q2 2023[5] - Google Services revenue grew to $73.928 billion in Q2 2024, up from $66.285 billion in Q2 2023, a 11.5% increase[22] - Operating income for Google Services rose to $29.674 billion in Q2 2024, compared to $23.454 billion in Q2 2023, a 26.5% increase[22] Financial Performance - Operating income for Q2 2024 was $27.425 billion, with an operating margin of 32%, up from 29% in Q2 2023[3] - Net income for Q2 2024 was $23.619 billion, compared to $18.368 billion in Q2 2023[3] - Net income for Q2 2024 rose to $23.619 billion, compared to $18.368 billion in Q2 2023, a 28.6% increase[17] - Basic earnings per share for Q2 2024 rose to $1.91, up from $1.45 in Q2 2023, a 31.7% increase[17] - Net cash provided by operating activities for Q2 2024 was $26.640 billion, slightly down from $28.666 billion in Q2 2023[19] - Free cash flow for Q2 2024 was $13.454 billion, calculated as $26.64 billion from operating activities minus $13.186 billion in capital expenditures[27] Expenses and Costs - Total costs and expenses for Q2 2024 increased to $57.317 billion, up from $52.766 billion in Q2 2023, a 8.6% rise[17] - Research and development expenses for Q2 2024 grew to $11.860 billion, compared to $10.588 billion in Q2 2023, a 12.0% increase[17] Regional Revenue Growth - EMEA region revenues grew to $24.683 billion in Q2 2024, a 12% increase in constant currency terms from $22.289 billion in Q2 2023[31] - APAC region revenues increased to $13.823 billion in Q2 2024, a 13% rise in constant currency terms from $12.728 billion in Q2 2023[31] - Other Americas region revenues grew to $4.938 billion in Q2 2024, a 16% increase in constant currency terms from $4.511 billion in Q2 2023[31] Employee and Dividend Information - Alphabet's total number of employees decreased to 179,582 in Q2 2024 from 181,798 in Q2 2023[5] - Alphabet announced a cash dividend of $0.20 per share, totaling $2.5 billion for Q2 2024[8] AI Development - Alphabet consolidated AI model development teams under Google DeepMind to accelerate AI progress, effective Q2 2024[6] Other Financial Metrics - Interest income increased to $1.09 billion in Q2 2024 from $892 million in Q2 2023, reflecting a 22.2% growth[25] - Net loss on equity securities was $714 million in Q2 2024, significantly higher than the $205 million loss in Q2 2023[25]

The recent pullback in the tech sector hasn’t left Alphabet (NASDAQ: GOOGL) stock unaffected, as it retraced by 0.87% in the previous month, and 4.03% in the previous five trading sessions.On the daily chart, the losses of 0.02% are effectively mitigated by the pre-market gains of 1.39%, setting the GOOGL stock price at $180.13, at the time of publication.GOOGL stock 24-hour price chart. Source: Google Finance And with second-quarter earnings scheduled for release on July 23 after the markets close, GOOGL s ...

Many in the market are looking to the two members of ‘the Magnificent 7’ who report quarterly results this week to help reverse the stock market’s recent weakness.The immediate catalyst for the stock market pullback appears to be renewed uncertainty about regulatory and trade policies following the November elections, particularly with respect to export restrictions on semiconductor players. That said, we are in a seasonally soft time of the year and should perhaps resist the temptation to read too much int ...

Alphabet’s (GOOGL) second-quarter 2024 results, scheduled to be released on Jul 23, are likely to reflect gains from its strengthening cloud service offerings.The company’s cloud services arm — Google Cloud — has become the key catalyst behind its business growth.Alphabet’s cloud offerings include Google Cloud Platform and Google Workspace, which have been continuously gaining momentum in the booming cloud computing market. Google’s growing investments in infrastructure, security, data management, analytics ...