谷歌母公司二季度业绩超预期，提高全年资本支出至850亿美元，盘后一度涨3.4%

Core Viewpoint - Alphabet's Q2 earnings exceeded market expectations, driven by strong growth in cloud services and search advertising, but raised concerns about profitability due to increased capital expenditures for 2025 [1][2][11]. Financial Highlights - Revenue: Alphabet reported Q2 revenue of $96.43 billion, a 14% year-over-year increase, surpassing analyst expectations of $93.97 billion [3]. - Adjusted Revenue: The adjusted revenue, excluding partner payouts, was $81.7 billion, exceeding the average analyst forecast of $79.6 billion [3]. - Earnings Per Share: Q2 earnings per share were $2.31, a 22% increase year-over-year, higher than the expected $2.18 [4]. Business Segment Performance - Google Cloud Revenue: The cloud segment generated $13.6 billion in Q2, a 32% year-over-year increase, exceeding market expectations of $13.1 billion [6]. - Advertising Revenue: Total advertising revenue reached $71.3 billion, a 10.4% increase year-over-year, with search revenue at $54.1 billion, up 11.7% [7][19]. Capital Expenditure Plans - Capital Expenditure Increase: The company raised its 2025 capital expenditure forecast to $85 billion, up from the previous estimate of $75 billion, indicating a 13% increase [10][11]. - Future Projections: Capital expenditures are expected to continue increasing in 2026 [11]. AI Investment and Competition - AI Development: Alphabet has invested billions in AI development, focusing on building new data centers to support AI models [12]. - Talent Acquisition: The company is committed to investing in top talent to maintain its competitive edge in AI, including a recent acquisition of AI startup Windsurf for $2.4 billion [15]. - Competitive Landscape: Competitors like Meta are aggressively recruiting AI talent, intensifying the competition in the AI space [16]. Market Reactions - Stock Performance: Following the earnings report, Alphabet's stock initially dropped by 2.8% in after-hours trading but later rebounded, showing a peak increase of 3.4% [1][9]. Regulatory Concerns - Antitrust Litigation: Investors are concerned about ongoing antitrust lawsuits that could impact Google's market dominance, with a ruling expected next month [21][23].