谷歌财报全面超预期，或可持续关注通信ETF（515880）

Financial Performance - Google's Q4 revenue reached $113.8 billion, a year-over-year increase of 18%, setting a new record and exceeding analyst expectations of $111.4 billion [2] - The net profit for the quarter was $34.455 billion, up 30% year-over-year, with an EPS of $2.82, which is 31% higher than the previous year and above the expected $2.65 [3] - Operating profit grew 16% year-over-year to $35.9 billion, maintaining an operating margin of 31.6%, despite including a one-time expense of $2.1 billion related to Waymo employee compensation [3] - Capital expenditures for the quarter were $27.9 billion, nearly doubling from $14.3 billion in the same period last year, but slightly below market expectations of $28.2 billion [4] Cloud and Service Revenue - Cloud revenue reached $17.7 billion, a significant year-over-year increase of 48%, accelerating from 34% in the previous quarter and surpassing Wall Street's expectation of $16.2 billion [5] - Service revenue totaled $95.9 billion, a 14% year-over-year increase, slightly above the expected $94.9 billion, with advertising revenue contributing $82.3 billion, also up 14% and exceeding the forecast of $80.9 billion [5] Capital Expenditure Guidance - For 2026, capital expenditures are projected to be between $175 billion and $185 billion, with a median estimate of $180 billion, nearly doubling year-over-year and exceeding market expectations by over $60 billion, representing a more than 50% increase [6] AI and Infrastructure Insights - The financial report reinforces the certainty of AI investments, with Google revealing that Gemini 3.0 is the fastest adopted model in the company's history, and it has over 750 million monthly active users [7] - The company has reduced the unit cost of Gemini services by 78% through model optimization, and it is collaborating with Apple to develop the next generation of Apple foundational models [7] - Management indicated that investments in AI infrastructure will gradually increase throughout the year, despite ongoing supply constraints in computing power, which are expected to persist [7] Industry Outlook - Recent cloud company earnings reports indicate that capital expenditures have mostly exceeded expectations, suggesting continued interest in communication ETFs (515880) [8] - North American cloud companies, including Meta and Microsoft, have provided strong capital expenditure guidance, with Meta projecting $115 billion to $135 billion for 2026, reflecting a year-over-year increase of 73% [8] - Overall, the capital expenditure growth rate for North American cloud companies is expected to be around 42%, significantly exceeding previous Wall Street expectations, further confirming the certainty of AI investments [8]