<p>这是我们对 <strong>Alphabet</strong>（GOOG 2.50%）第四季度财报的初步看法。</p>
<h2>关键指标</h2>
<table>
<thead>
<tr>
<th>指标</th>
<th>2023 年第四季度</th>
<th>2024 年第四季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>总收入</td>
<td>863.1 亿美元</td>
<td>964.7 亿美元</td>
<td>+12%</td>
<td>未达到</td>
</tr>
<tr>
<td>调整后每股收益</td>
<td>1.64 美元</td>
<td>2.15 美元</td>
<td>+31%</td>
<td>超出</td>
</tr>
<tr>
<td>谷歌广告收入</td>
<td>655.2 亿美元</td>
<td>724.6 亿美元</td>
<td>+11%</td>
<td>不适用</td>
</tr>
<tr>
<td>谷歌云收入</td>
<td>91.9 亿美元</td>
<td>119.6 亿美元</td>
<td>+30%</td>
<td>不适用</td>
</tr>
</tbody>
</table>
<h2>Alphabet 无法快速增长以满足华尔街的期望</h2>
<p>Alphabet 的第四季度财务数据显示出稳健的增长。整体销售增长 12%，略低于关注该股票的分析师的共识预测，谷歌搜索、YouTube 和其他各种服务帮助实现了持续增长。净收入同比增长 28%，而流通股的适度减少则进一步推动了每股收益以更快的 31% 速度增长。</p>
<p>许多投资者密切关注谷歌云业务，认为这是抵消 Alphabet 核心搜索业务面临的竞争挑战的主要增长动力。该部门收入增长 30% 反映了谷歌云平台及各种新举措的成功，包括人工智能基础设施和生成式人工智能解决方案。然而，Alphabet 的股东原本预期谷歌云收入将远超 120 亿美元，这使得实际数字略显失望。</p>
<h2>市场即时反应</h2>
<p>投资者对 Alphabet 未能达到目标并不满意。该科技股在周二下午常规交易结束后的半小时内急剧下跌，最多下跌 7%。</p>
<p>然而，从最近的事件来看，Alphabet 的消息并不令人感到意外。竞争对手 <strong>Microsoft</strong>（MSFT 0.35%）在上周发布自己的季度报告时，也未能满足华尔街对其云业务的高期望。即使在盘后下跌中，Alphabet 的股票仍略高于年初的水平。</p>
<h2>关注事项</h2>
<p>股票在短期内会根据季度业绩涨跌，但 Alphabet 似乎仍在全面参与人工智能的热潮。首席执行官 Sundar Pichai 强调了 Alphabet 在人工智能领域的领导地位，包括基于人工智能的搜索概述以及人工智能相关功能在 Alphabet 产品和服务中的普遍性。</p>
<p>不过，人工智能的举措并不便宜，Pichai 预测 2025 年的资本支出将达到 750 亿美元。目前，大多数投资者都乐于看到 Alphabet 全面参与人工智能的扩展。然而，科技公司在某个时刻必须证明这些巨额投资将带来持久的积极成果。这正是长期投资者在未来几年需要关注的。</p>
<h2>有用资源</h2>
<ul>
<li>完整的财报发布 [打开 PDF]</li>
<li>投资者关系页面</li>
<li>其他关于 Alphabet 的报道，其中一篇特别乐观的观点</li>
</ul>

谷歌-C

谷歌-A

<p>Alphabet 2023 年第四季度财报显示，总收入为 863.1 亿美元，未达到预期，而调整后的每股收益为 1.64 美元，超出预测。谷歌云收入增长 30%，达到 91.9 亿美元，但未能达到预期的 120 亿美元，导致盘后交易下跌 7%。尽管净收入和人工智能项目有稳健增长，投资者对预计到 2025 年将达到 750 亿美元的重大资本支出在长期回报方面仍持谨慎态度。Alphabet 的股票仍高于年初水平，反映出市场对其人工智能能力的持续关注</p>

<p>Here's our initial take on <strong>Alphabet</strong>'s (GOOG 2.50%) fourth-quarter financial report.</p>
<div class="lb-trans"><p>这是我们对 <strong>Alphabet</strong>（GOOG 2.50%）第四季度财报的初步看法。</p>
</div><h2>Key Metrics</h2>
<div class="lb-trans"><h2>关键指标</h2>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q4 2023</th>
<th>Q4 2024</th>
<th>Change</th>
<th>vs. Expectations</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total revenue</td>
<td>$86.31 billion</td>
<td>$96.47 billion</td>
<td>+12%</td>
<td>Missed</td>
</tr>
<tr>
<td>Adjusted earnings per share</td>
<td>$1.64</td>
<td>$2.15</td>
<td>+31%</td>
<td>Beat</td>
</tr>
<tr>
<td>Google advertising revenue</td>
<td>$65.52 billion</td>
<td>$72.46 billion</td>
<td>+11%</td>
<td>n/a</td>
</tr>
<tr>
<td>Google cloud revenue</td>
<td>$9.19 billion</td>
<td>$11.96 billion</td>
<td>+30%</td>
<td>n/a</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2023 年第四季度</th>
<th>2024 年第四季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>总收入</td>
<td>863.1 亿美元</td>
<td>964.7 亿美元</td>
<td>+12%</td>
<td>未达到</td>
</tr>
<tr>
<td>调整后每股收益</td>
<td>1.64 美元</td>
<td>2.15 美元</td>
<td>+31%</td>
<td>超出</td>
</tr>
<tr>
<td>谷歌广告收入</td>
<td>655.2 亿美元</td>
<td>724.6 亿美元</td>
<td>+11%</td>
<td>不适用</td>
</tr>
<tr>
<td>谷歌云收入</td>
<td>91.9 亿美元</td>
<td>119.6 亿美元</td>
<td>+30%</td>
<td>不适用</td>
</tr>
</tbody>
</table>
</div><h2>Alphabet Can't Grow Fast Enough to Keep Wall Street Happy</h2>
<div class="lb-trans"><h2>Alphabet 无法快速增长以满足华尔街的期望</h2>
</div><p>Alphabet's fourth-quarter financials showed solid gains. Overall sales growth of 12% came in just shy of the consensus forecast among those following the stock, with Google Search, YouTube, and various other services helping to produce consistent growth. Net income climbed 28% year over year, and a modest decline in outstanding shares helped boost earnings-per-share figures at an even faster 31% rate.</p>
<div class="lb-trans"><p>Alphabet 的第四季度财务数据显示出稳健的增长。整体销售增长 12%，略低于关注该股票的分析师的共识预测，谷歌搜索、YouTube 和其他各种服务帮助实现了持续增长。净收入同比增长 28%，而流通股的适度减少则进一步推动了每股收益以更快的 31% 速度增长。</p>
</div><p>Many investors are watching the Google Cloud business closely, seeing it as the main growth driver to offset any competitive challenges to Alphabet's core search business. Gains of 30% in segment revenue reflected the success of the Google Cloud Platform and various new initiatives, including artificial intelligence infrastructure and generative AI solutions. However, Alphabet shareholders had anticipated Google Cloud revenue well above the $12 billion mark, making the actual figures a bit of a disappointment.</p>
<div class="lb-trans"><p>许多投资者密切关注谷歌云业务，认为这是抵消 Alphabet 核心搜索业务面临的竞争挑战的主要增长动力。该部门收入增长 30% 反映了谷歌云平台及各种新举措的成功，包括人工智能基础设施和生成式人工智能解决方案。然而，Alphabet 的股东原本预期谷歌云收入将远超 120 亿美元，这使得实际数字略显失望。</p>
</div><h2>Immediate Market Reaction</h2>
<div class="lb-trans"><h2>市场即时反应</h2>
</div><p>Investors weren't pleased with Alphabet's missed targets. The tech stock moved sharply lower, down as much as 7% in the first half hour of the after-hours session following the close of regular trading Tuesday afternoon.</p>
<div class="lb-trans"><p>投资者对 Alphabet 未能达到目标并不满意。该科技股在周二下午常规交易结束后的半小时内急剧下跌，最多下跌 7%。</p>
</div><p>However, the news from Alphabet wasn't all that surprising in the context of recent events. Rival <strong>Microsoft</strong>(MSFT 0.35%) also had trouble meeting high expectations from Wall Street for its cloud business when it released its own quarterly report last week. Even with the after-hours declines, Alphabet shares still trade slightly higher than where they started the year.</p>
<div class="lb-trans"><p>然而，从最近的事件来看，Alphabet 的消息并不令人感到意外。竞争对手 <strong>Microsoft</strong>（MSFT 0.35%）在上周发布自己的季度报告时，也未能满足华尔街对其云业务的高期望。即使在盘后下跌中，Alphabet 的股票仍略高于年初的水平。</p>
</div><h2>What to Watch</h2>
<div class="lb-trans"><h2>关注事项</h2>
</div><p>Stocks rise and fall in the short run based on quarterly results, but Alphabet still seems to be participating fully in the AI boom. CEO Sundar Pichai called out Alphabet's AI leadership, including AI-driven search overviews and the pervasiveness of artificial intelligence-related features across Alphabet's product and services suite.</p>
<div class="lb-trans"><p>股票在短期内会根据季度业绩涨跌，但 Alphabet 似乎仍在全面参与人工智能的热潮。首席执行官 Sundar Pichai 强调了 Alphabet 在人工智能领域的领导地位，包括基于人工智能的搜索概述以及人工智能相关功能在 Alphabet 产品和服务中的普遍性。</p>
</div><p>AI initiatives won't come cheap, though, as Pichai predicted capital expenditures of $75 billion in 2025. For now, most investors are happy to see Alphabet participating fully in AI expansion. At some point, though, the tech company will have to prove that those steep investments will pay off with lasting positive results. That's what long-term investors in Alphabet need to watch for in the years ahead.</p>
<div class="lb-trans"><p>不过，人工智能的举措并不便宜，Pichai 预测 2025 年的资本支出将达到 750 亿美元。目前，大多数投资者都乐于看到 Alphabet 全面参与人工智能的扩展。然而，科技公司在某个时刻必须证明这些巨额投资将带来持久的积极成果。这正是长期投资者在未来几年需要关注的。</p>
</div><h2>Helpful Resources</h2>
<div class="lb-trans"><h2>有用资源</h2>
</div><ul>
<li>Full earnings release [opens PDF]</li>
<li>Investor relations page</li>
<li>Additional Alphabet coverage with one particularly bullish view</li>
</ul>
<div class="lb-trans"><ul>
<li>完整的财报发布 [打开 PDF]</li>
<li>投资者关系页面</li>
<li>其他关于 Alphabet 的报道，其中一篇特别乐观的观点</li>
</ul>
</div>

Alphabet Falls on Cloud Growth Fears

- Alphabet 第四季度总收入为$96.47 亿，增长 12%，未达预期。  
- Google Cloud 收入增长 30%，但未超过$120 亿，令投资者失望。  
- 股价在盘后交易中下跌 7%，但仍高于年初水平。  

由于对云计算增长的担忧，谷歌母公司股价下跌