【中泰电子】AI全视角-科技大厂财报专题|谷歌24Q2季报点评：搜索/云业务带动业绩亮眼

Investment Rating - The report indicates an overall positive investment rating for the industry, highlighting strong performance in search and cloud business segments [2][6]. Core Insights - The report emphasizes that the financial performance for Q2 2024 exceeded expectations, driven by robust growth in search and cloud services, with total revenue reaching $84.7 billion, a year-over-year increase of 14% [2][6]. - The cloud business achieved a significant milestone, with quarterly revenue surpassing $10 billion for the first time, reflecting a 29% year-over-year growth [3][32]. - The report notes advancements in AI infrastructure, including the launch of the sixth-generation TPU Trillium, which significantly enhances computational performance and energy efficiency [3][53]. - Capital expenditures for the quarter were reported at $13.186 billion, marking a 91% year-over-year increase, indicating a strong commitment to infrastructure investment [3][21]. Summary by Sections 1. Q2 2024 Financial Overview - Revenue for Q2 2024 was $84.742 billion, a 13.59% increase year-over-year and a 5.22% increase quarter-over-quarter, surpassing market expectations [6][8]. - Gross margin remained stable at 58.1%, with R&D expenses increasing to $11.9 billion, reflecting a 12.01% year-over-year growth [8][11]. 2. Business Segment Performance - Google Services revenue reached $73.9 billion, with a year-over-year growth of 12% and a quarter-over-quarter growth of 5% [11][26]. - Advertising revenue was $64.6 billion, up 11% year-over-year, while cloud revenue was $10.3 billion, showing a 29% year-over-year increase [11][32]. 3. Business Developments - The report highlights the ongoing development of AI models and proprietary chips, with the introduction of Gemini 1.5 Pro and the expansion of AI capabilities in cloud services [3][40]. - The report also discusses the strategic focus on increasing capital expenditures to support business growth and the AI-first strategy [21][44].