美股IPO·2025-10-29 22:58Core Viewpoint - Alphabet's Q3 revenue and profit exceeded expectations, marking the first time revenue surpassed $100 billion, driven by strong AI demand and double-digit growth across multiple core businesses [1][3][11]. Financial Performance - Revenue: Alphabet reported Q3 revenue of $102.35 billion, surpassing analyst expectations of $99.85 billion; ex-tac revenue was $87.47 billion, exceeding the forecast of $85.11 billion [4]. - Net Profit: The net profit surged by 41% to $28.5 billion, with earnings per share at $2.87, higher than the expected $2.26 [5]. - Free Cash Flow: Free cash flow decreased by 9% year-over-year to $24.5 billion [5]. Business Segment Performance - Cloud Revenue: Q3 cloud revenue reached $15.16 billion, exceeding the forecast of $14.75 billion [5]. - Services Revenue: Q3 services revenue was $87.05 billion, surpassing the expected $84.67 billion [6]. - Search and Other Revenue: Q3 search and other revenue totaled $56.57 billion, exceeding the forecast of $54.99 billion [7]. - YouTube Ad Revenue: YouTube ad revenue for Q3 was $10.26 billion, above the expected $10.03 billion [8]. - Overall Ad Revenue: Q3 ad revenue reached $74.18 billion, surpassing the forecast of $72.46 billion [9]. Cloud Business Growth - Backlog Orders: The cloud backlog reached $155 billion by the end of Q3, indicating strong demand [10][13]. - AI Demand: The growth in cloud services is attributed to increasing demand for AI infrastructure, with significant contracts from companies like Meta and Anthropic [14][17]. Capital Expenditure - Capital Expenditure Guidance: Alphabet raised its full-year capital expenditure guidance to $91-93 billion, up from a previous estimate of $85 billion, reflecting a focus on AI and infrastructure [15][16]. Competitive Landscape - AI Investment Returns: Analysts believe Alphabet's investments in AI are beginning to yield returns in both cloud and advertising sectors [18]. - Advertising Competition: The advertising sector faces intensified competition, particularly from new generative AI features introduced by competitors [18][20]. - Search Dominance Concerns: There are structural uncertainties regarding Alphabet's ability to maintain its dominance in the search market amid rising competition from new entrants like OpenAI's Atlas [21].