Core Viewpoint - Google's Q2 2025 financial results exceeded market expectations, with significant growth in cloud services and advertising revenue, indicating strong operational performance and a positive outlook for future capital expenditures [2][5]. Financial Performance - In Q2 2025, Google achieved revenue of $96.428 billion, a year-on-year increase of 13.79% and a quarter-on-quarter increase of 6.86%, surpassing market expectations of $94.02 billion [2]. - The earnings per share (EPS) for Q2 2025 was $2.31, reflecting a year-on-year increase of 22.22% but a quarter-on-quarter decrease of 17.79%, exceeding the market expectation of $2.20 [2]. Cloud Business - Google's cloud business generated revenue of $13.624 billion in Q2 2025, marking a year-on-year growth of 31.67% and a quarter-on-quarter growth of 11.13%, the highest growth rate since 2022, and surpassing market expectations of $13.1 billion [2]. - The backlog of orders in Q2 2025 increased by 18% quarter-on-quarter and 38% year-on-year, reaching $106 billion, indicating strong demand driven by AI adoption [2]. Advertising Revenue - Google's advertising revenue in Q2 2025 was $71.340 billion, with a year-on-year increase of 10.41% and a quarter-on-quarter increase of 6.66%, exceeding Wall Street expectations [2]. - Search advertising revenue was $54.190 billion, up 11.71% year-on-year, while YouTube advertising revenue reached $9.796 billion, up 13.08% year-on-year [2]. Subscription and Device Revenue - Subscription, platform, and device revenue amounted to $11.203 billion in Q2 2025, reflecting a year-on-year increase of 20.31% and a quarter-on-quarter increase of 7.94% [3]. AI and Token Usage - The usage of AI tokens has doubled, with monthly token consumption exceeding 980 trillion, up from 480 trillion announced in May 2025 [4]. - The Gemini application has reached 450 million monthly active users, contributing to a 35-fold increase in usage [4]. Capital Expenditure - Google's capital expenditure for Q2 2025 was $22.446 billion, a year-on-year increase of 70.23% and a quarter-on-quarter increase of 30.52%, exceeding market expectations [5]. - The company has raised its full-year capital expenditure forecast to $85 billion from the previous $75 billion, with a commitment to continued increases in 2026 [5]. Shareholder Returns - Google returned $13.6 billion to shareholders through stock buybacks and paid $2.5 billion in dividends [6]. Depreciation Impact - Depreciation expenses increased by $1.3 billion year-on-year to $5 billion in Q2 2025, with a growth rate of 35%, expected to accelerate further in Q3 due to increased capital expenditures [7].
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