google 超预期

Core Viewpoint - Google's capital expenditure (capex) guidance significantly exceeds market expectations, indicating strong financial health and investment capacity [1][2]. Group 1: Capital Expenditure - Google's Q4 FY25 capital expenditure is $27.85 billion, up 95.1% year-over-year and 16.3% quarter-over-quarter, slightly below the expected $28.26 billion, with approximately 60% allocated to servers and 40% to data centers and networking equipment [1]. - The total capital expenditure for 2025 is projected at $91.45 billion, within the previously guided range of $91 billion to $93 billion [1]. - The 2026 capital expenditure guidance is set between $175 billion and $185 billion, significantly higher than the company's own forecast of $125 billion and market expectations of $118 billion [2]. Group 2: Financial Performance - Google's revenue for the period is $113.83 billion, reflecting a year-over-year increase of 16.0% and a quarter-over-quarter increase of 6.1%, slightly surpassing market expectations of $111.43 billion [3]. - The net profit stands at $34.46 billion, up 29.8% year-over-year but down 1.5% quarter-over-quarter, exceeding market expectations of $31.93 billion [3]. - Earnings per share (EPS) is reported at $2.82, a 31.2% increase year-over-year and a 1.7% decrease quarter-over-quarter, also surpassing market expectations of $2.65 [3]. Group 3: Google Cloud Highlights - Google Cloud revenue is $17.664 billion, up 48% year-over-year, significantly exceeding the expected growth rate of 35%, with an accelerated growth rate quarter-over-quarter [3]. - Operating profit for Google Cloud is $5.313 billion, representing a 154% year-over-year increase, indicating a substantial improvement in profit margins [3]. - The backlog of orders has increased by 55% quarter-over-quarter, reaching $240 billion, with new customer acquisition rates doubling compared to Q1 FY25 [4]. Group 4: Technological Advancements - Existing customers' actual spending on Google Cloud exceeds initial commitments by 30% [4]. - The Gemini model's API calls exceed 10 billion tokens per minute, up from 7 billion tokens in the previous quarter [4]. - Monthly active users for the Gemini app have surpassed 750 million, showcasing strong user engagement [4].