美股IPO·2025-10-30 04:04Core Insights - The article highlights Google's significant financial performance, with quarterly revenue surpassing $100 billion for the first time, driven by AI commercialization across all core business segments, achieving a 16% year-over-year growth [3][5][48]. - AI-related revenues in Google's cloud business have reached "tens of billions" per quarter, reflecting strong market demand and a substantial increase in cloud orders [4][8][9]. - The company has raised its capital expenditure forecast for 2025 to $91-93 billion, focusing on AI infrastructure investments, with expectations for significant increases in 2026 [4][11][21]. Financial Performance - Alphabet's Q3 revenue reached $102.3 billion, marking a 16% increase year-over-year, with all major business segments achieving double-digit growth [3][5][48]. - Operating profit grew by 9% to $31.2 billion, with an operating margin of 30.5%, which would be 33.9% excluding a $3.5 billion EU fine [55][56]. - Net profit increased by 33% to $35 billion, with earnings per share rising by 35% to $2.87 [59]. AI and Cloud Business - AI technologies are driving significant growth in search queries, with AI Overview and AI Mode enhancing user experience and increasing engagement [6][15][31]. - Google Cloud revenue grew by 34% to $15.2 billion, with AI-related revenues contributing significantly to this growth [4][8][72]. - The backlog of cloud orders surged by 46% to $155 billion, indicating strong future demand, with over 10 billion dollar contracts signed in the first nine months of 2025, surpassing the total from the previous two years [9][80]. YouTube and Subscription Services - YouTube's ad revenue increased by 15% to $10.3 billion, driven by direct response advertising and brand ads [12][65]. - Paid subscriptions surpassed 300 million, primarily due to growth in Google One and YouTube Premium, contributing to a 21% increase in subscription revenue to $12.9 billion [10][67]. Capital Expenditure and Investments - The company announced a significant increase in capital expenditures, with Q3 spending reaching $24 billion, primarily on servers and data centers [21][83]. - The 2025 capital expenditure forecast was raised from $85 billion to $91-93 billion, reflecting a commitment to AI infrastructure [11][92]. - The company is investing heavily in AI capabilities, with nearly half of its code now generated by AI, enhancing productivity across various departments [21][100].