2025 年 AI 期末考试，谷歌又考了全年级第一

Core Viewpoint - Alphabet, Google's parent company, reported Q4 2025 earnings with total revenue of $113.83 billion, an 18% year-over-year increase, and operating profit of $35.93 billion, slightly exceeding expectations [1] Financial Performance - Total revenue for Q4 2025 reached $113.83 billion, up from $96.43 billion in Q4 2024, reflecting an 18% growth [1] - Operating profit was $35.93 billion, with diluted earnings per share at $2.82, surpassing market expectations [1] - The revenue breakdown shows strong performance in various segments, particularly in advertising and cloud services [1][4] Business Segments - Advertising Revenue: Search advertising revenue was $63.07 billion, growing 16.7% year-over-year, driven by a robust retail sector [6][8] - YouTube: Generated $11.4 billion in revenue, with growth slowing to 8.7% due to high comparative figures from the previous year [15] - Cloud Services: Google Cloud revenue reached $17.7 billion, continuing its strong performance, with a profit margin exceeding 30% [10][14] - Subscription Services: Revenue from subscription services was $13.6 billion, growing 16.7% year-over-year, with Google One showing significant potential for future growth [16][18] Capital Expenditure and R&D - Capital expenditures for Q4 were $27.85 billion, a 95% increase year-over-year, with full-year capital expenditures nearing $91.5 billion [23][26] - R&D expenses reached $18.6 billion, with a rate exceeding 16% of revenue, indicating a strong commitment to innovation [20][22] Strategic Insights - The company is focusing on AI capabilities, particularly with the Gemini model, which has shown strong user growth and engagement [9][19] - Management has indicated a doubling of capital expenditure guidance for 2026 to $175-185 billion, reflecting confidence in AI infrastructure and market demand [26][27] - The strategic emphasis on AI and cloud services positions Google favorably against competitors, potentially leading to increased market share and profitability [27]