谷歌-A：FY2024Q3业绩点评及业绩说明会纪要：AI云业务快速增长，继续加码资本开支

Company Performance - Google (GOOGL) reported FY2024Q3 revenue of $88.3 billion, a 15$28.5 billion, up 34% YoY, and a net profit of $26.3 billion, also up 34$76.5 billion, a 13% YoY increase, with an operating profit of $30.9 billion, up 29$11.4 billion, with an operating profit of $1.9 billion and an operating margin of 17$49.4 billion, driven by strong performance across verticals, particularly in financial services, insurance, and retail [11] - YouTube advertising revenue grew 12% YoY to $8.9 billion, with brand advertising showing the most significant growth, followed by direct response advertising [11] - Subscription, platforms, and devices revenue increased 28$10.7 billion, driven by growth in YouTube TV, YouTube Music Premium, and Google One subscriptions [13] Capital Expenditure - Google's capital expenditure for FY2024Q3 was $13 billion, primarily driven by investments in technical infrastructure, including servers, data centers, and network equipment [10] - The company expects Q4 2024 capital expenditure to be similar to Q3 levels [10] AI and Cloud Growth - Google Cloud's growth is attributed to AI infrastructure, generative AI solutions, and core GCP products, with AI-driven products and efficiency initiatives contributing to margin expansion [14] - Google's AI Overviews in search have reached over 1 billion users, with monthly queries nearing 20 billion, indicating strong user adoption and growth potential [19] Future Outlook - Advertising revenue growth is expected to continue, influenced by H2 2023 growth, particularly in the Asia-Pacific retail sector [16] - Subscription and devices revenue growth in Q4 2024 may be negatively impacted by the early launch of Google-made products in Q3 2024 [16] - Increased depreciation and expenses related to higher technical infrastructure investments will be partially offset by cost benefits from hardware launches [17]