美股科技股观察|24Q3业绩跟踪：谷歌：业绩提速，AI驱动云超预期，维持高资本开支

Investment Rating - The report maintains a positive outlook on the industry, indicating a strong performance in the upcoming quarters, particularly driven by AI and cloud services [4][38]. Core Insights - The report highlights that Google achieved a revenue of $88.268 billion in Q3 2024, reflecting a year-over-year growth of 15%, with operating profit increasing by 34% [7][12]. - The advertising segment continues to show double-digit growth, with Google Search and YouTube advertising both growing by 12.2% year-over-year [18][26]. - Google Cloud revenue reached $11.353 billion, marking a significant year-over-year increase of 35%, driven by AI infrastructure and solutions [29][35]. - The report emphasizes the ongoing integration of AI capabilities across various products, enhancing user engagement and operational efficiency [2][31]. Summary by Sections 1. Performance Acceleration and Capital Expenditure - Google reported a slight decrease in capital expenditure to $13.1 billion in Q3 2024, while maintaining a year-over-year increase of 62% [8][37]. - Operating profit margin was reported at 32%, with net profit margin improving to 29.8% [7][11]. 2. Advertising Growth and Cloud Acceleration - Advertising revenue totaled $65.854 billion, with Google Search contributing $49.39 billion and YouTube $8.92 billion [18][26]. - Google Cloud's operating profit margin improved significantly to 17.1%, reflecting strong demand for AI-driven solutions [29][35]. 3. Guidance and Operational Efficiency - The company plans to maintain high capital expenditure levels, focusing on AI infrastructure investments [37][38]. - Future revenue growth is expected to be supported by continued investment in AI and cloud services [37]. 4. Earnings Consensus and Valuation - Bloomberg consensus estimates project Google's net profit for 2024 and 2025 to be $99.65 billion and $112 billion, respectively, with corresponding PE ratios of 21.3 and 18.7 [2][38].