Alphabet(US:GOOGL) 第一财经·2025-10-30 04:38Core Viewpoint - Alphabet, Google's parent company, reported its Q3 2025 earnings, achieving a record revenue of approximately $102.35 billion, exceeding market expectations and marking the first time quarterly revenue surpassed $100 billion. The company's stock rose over 6% in after-hours trading, with a year-to-date increase of about 45% [1][3]. Financial Performance - Alphabet's Q3 revenue was approximately $102.35 billion, a 16% increase from $88.27 billion in the same period last year, and a 15% increase when adjusted for constant currency [7]. - The net profit for the quarter was $34.98 billion, up 33% from $26.3 billion year-over-year [7]. Revenue Breakdown - Alphabet's revenue is primarily derived from three segments: advertising, cloud services, and other businesses (including Google Play, hardware, and YouTube subscriptions) [7]. - Advertising revenue for Q3 was $74.2 billion, showing an overall growth of 9.9%, with search revenue reaching $56.56 billion, a 15% increase year-over-year [7]. Cloud Business Growth - The cloud segment generated $15.15 billion in revenue for Q3, representing a 35% year-over-year growth, surpassing the expected $14.74 billion [8]. - The backlog of unfulfilled orders in the cloud business reached $155 billion, indicating sustained demand and potential for continued revenue growth above 30% [8]. AI and Future Outlook - The company plans to increase its capital expenditures for FY 2025 to between $91 billion and $93 billion, driven by strong demand for AI [8]. - Analysts believe that Google's strong ecosystem and the lack of formidable competition have allowed it to maintain growth in search and advertising despite rising AI competition [7][9].