业绩增速稳健，云业务营收同比增长26%

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests a stable performance with a positive outlook for cloud business growth in 2024 [3]. Core Insights - The company reported a total revenue of $86.3 billion for Q4 2023, a year-over-year increase of 13%, exceeding market expectations of $85.4 billion [8]. - The cloud business revenue reached $9.2 billion, growing 26% year-over-year, also surpassing market expectations [18]. - The company is focusing on AI technology integration in both advertising and cloud services, which is expected to enhance business growth [12][18]. Summary by Sections Financial Performance - Total revenue for Q4 2023 was $86.3 billion, with an operating profit of $23.7 billion, reflecting a 30% year-over-year increase [8]. - GAAP net profit was $20.7 billion, a 52% increase year-over-year, exceeding market expectations [8]. Advertising Business - The services segment generated $76.3 billion in revenue, with advertising revenue at $65.5 billion, a year-over-year increase of 11% [12]. - YouTube and Google Search contributed significantly to advertising growth, with respective year-over-year increases of 16% and 13% [12]. Cloud Business - The cloud segment achieved $9.2 billion in revenue, a 26% year-over-year growth, with a notable increase in profitability [18]. - The company is seeing strong demand for its AI capabilities, with over 70% of AI unicorns utilizing Google Cloud services [18]. Capital Expenditure - Capital expenditures (Capex) for Q4 2023 were $11 billion, a 45% increase year-over-year, primarily focused on AI and cloud infrastructure [22]. - The company anticipates further increases in capital spending in 2024 to support AI cloud technology [22]. Future Outlook - The advertising business is expected to return to double-digit growth, supported by AI technology [12]. - The upcoming launch of Gemini Ultra is anticipated to enhance the company's AI capabilities and market position [12].