谷歌财报难超预期？

Core Viewpoint - Google is expected to report strong revenue growth in Q2 2025, with projected revenue of $93.75 billion and diluted EPS of $2.25, driven by its services and cloud segments [1][12]. Group 1: Financial Projections - Analysts have adjusted EPS expectations for Google, with 17 upward revisions and 13 downward revisions in the past 90 days [1]. - For FY 2025, Google's total revenue is projected to reach $389.37 billion, with a significant increase in operating margin [3][11]. - Google Cloud revenue is expected to grow substantially, reaching $13 billion in Q2 2025, with an operating margin of 17.83% [6]. Group 2: Segment Performance - Google Search & Other is projected to generate $216.14 billion in FY 2025, while YouTube Ads are expected to reach $39.41 billion [3]. - The Google Cloud segment is experiencing increased demand, with a remaining performance obligation (RPO) of $92.4 billion, primarily related to cloud services [4]. - The Other Bets segment is projected to generate $1.96 billion in FY 2025, although it continues to operate at a loss [3]. Group 3: Strategic Developments - Google is actively expanding its AI capabilities, recently acquiring Windsurf for $2.4 billion to enhance its software development lifecycle [7]. - The company is leveraging its AI models, such as Gemini, to enhance its advertising capabilities, which is a key growth driver [8]. - Waymo is expanding its autonomous taxi services into new regions, potentially outpacing competitors like Tesla [9][10]. Group 4: Valuation Insights - Based on a projected EV/EBITDA of 13.55x for FY 2026, Google's fair stock price is estimated at $185 per share, indicating potential for multiple expansion [13][14]. - Google's current valuation is lower than its peers, which average an EV/EBITDA of 22.90x, suggesting room for growth post-Q2 earnings [14][16].