Di Yi Cai Jing Zi Xun·2025-10-29 23:09Core Insights - The earnings season for major tech stocks is a focal point for the market, with Google, Microsoft, and Meta recently releasing their financial results, highlighting trends in capital expenditures related to artificial intelligence [1] Google - Google's Q3 revenue reached $102.35 billion, exceeding market expectations of $99.89 billion, with search revenue at $56.56 billion, a 15% year-over-year increase [2] - YouTube ad revenue was $10.26 billion, surpassing the expected $10.01 billion, while Google Cloud revenue was $15.15 billion, a 35% year-over-year growth, exceeding the forecast of $14.74 billion [2] - Net profit rose to $34.97 billion, with an EPS of $2.87, compared to $26.3 billion in the same quarter last year [2] - Google faced a $3.45 billion antitrust fine from the EU, impacting net profit for the quarter [2] - The company raised its 2025 capital expenditure forecast to between $91 billion and $93 billion, up from an earlier estimate of $75 billion to $85 billion, primarily for data center infrastructure [2] Meta - Meta's Q3 revenue was $51.24 billion, a 26% year-over-year increase, exceeding the expected $49.41 billion, with ad revenue at $50.08 billion [3] - The company reported an EPS of $1.08, below the market expectation of $6.69 [3] - Meta incurred a one-time non-cash tax expense of $15.93 billion due to the "One Big Beautiful Bill Act," but anticipates significant reductions in federal cash tax expenditures in the coming years [3] - The company raised its Q4 revenue guidance to a range of $56 billion to $59 billion, with the midpoint exceeding analyst expectations [3] - Meta adjusted its total annual expenditure guidance to between $116 billion and $118 billion, up from $114 billion to $118 billion, and raised its 2025 capital expenditure forecast to between $70 billion and $72 billion [4] Microsoft - Microsoft's Q3 revenue was $77.67 billion, an 18% year-over-year increase, surpassing the expected $75.33 billion [5] - The "Intelligent Cloud" segment, including Azure, generated $30.9 billion, a 28% year-over-year growth, exceeding the consensus of $30.25 billion, with Azure revenue up 40% [5] - Net profit increased to $27.7 billion, with an EPS of $3.72, compared to $24.67 billion and an EPS of $3.30 in the same quarter last year [6] - Microsoft's cloud business is a key growth driver, benefiting significantly from the AI boom, with Azure and other cloud services projected to grow 34% year-over-year, exceeding $75 billion by FY2025 [6] - The company's strong performance in AI is attributed to its close partnership with OpenAI, which recently restructured its ownership, with Microsoft holding a 27% stake valued at approximately $135 billion [6]