<p>关于谷歌死亡的报道被大大夸大了。如果你最近在 X（前身为 Twitter）上花了一些时间，你可能读到谷歌搜索正在衰退的消息。</p>
<p>然而，<strong>Alphabet</strong>（GOOGL 1.70%）（GOOG 1.52%）第一季度的业绩再次证明，投资者不应该急于对其下葬。谷歌搜索收入增长了 10%，达到了惊人的 507 亿美元。各个行业都表现强劲，尤其是保险、零售、医疗和旅游行业。它还补充说，其新的多模态功能继续推动搜索查询，而其圈选搜索的使用在本季度增长了 40%。圈选搜索允许 Android 用户通过圈选或高亮文本进行搜索。然后，它可以帮助用户寻找类似商品，甚至翻译文本。</p>
<p>与此同时，它每月有 15 亿个 AI 概览用户。在 3 月，它发布了 AI 模式，将为其 AI 概览提供更高级的推理、思考和多模态能力。它表示，其 AI 概览的货币化速度与搜索相似，并将继续在这一领域寻求创新。</p>
<h2><strong>谷歌云继续推动增长</strong></h2>
<p>尽管搜索业务依然强劲，云计算仍然是公司最大的增长引擎。谷歌云在第一季度的收入同比增长 28%，达到 123 亿美元，而该部门的营业收入飙升 142%，达到 22 亿美元。公司表示，其谷歌云平台（GCP）的增长速度远快于整体云业务。GCP 包括其 AI 基础设施和生成式 AI 解决方案，而谷歌云整体还包括谷歌工作区，后者是 Gmail 和其工作生产力应用的家园。</p>
<p>Alphabet 表示，谷歌云收入的增长将在全年内出现波动，具体取决于新产能上线的时间。由于需求旺盛，该业务仍然受到产能限制，预计其高产能部署将在年底前完成。它正在投资 750 亿美元用于资本支出（capex），以帮助扩展其数据中心的产能。</p>
<p>与此同时，YouTube 也继续交出稳健的业绩，广告收入增长 10%，达到 89 亿美元。YouTube 以及谷歌云存储（Google One）也推动了其订阅和设备收入增长 19%，达到 104 亿美元。它指出，YouTube 在过去两年中一直是美国观看时间最多的流媒体服务。</p>
<p>公司还强调了其 Waymo 机器人出租车业务的强劲增长。现在每周提供 25 万次付费出行，比一年前增长了 5 倍。如果我的计算正确，这比 <strong>特斯拉</strong> 目前的付费出行多出 25 万次。Waymo 将在今年晚些时候在亚特兰大推出，并将在 2026 年在迈阿密和华盛顿特区上线。</p>
<p>总体而言，Alphabet 的季度总收入增长了 12%（按固定汇率计算增长 14%），达到 902 亿美元。每股收益同比飙升 49%，达到 2.81 美元。这轻松超过了分析师的共识预期，分析师预计每股收益为 2.01 美元，收入为 891 亿美元，数据由 <strong>LSEG</strong> 汇编。</p>
<p>展望未来，Alphabet 表示，由于 5 月将发生的最低免税额变更，其广告业务将面临来自亚洲零售商的 &#34;轻微逆风&#34;。像 Temu 和 Shein 这样的中国零售商受益于一项允许价值低于 800 美元的货物免税进入美国的规则，但这一漏洞正在被关闭。这些公司在美国的数字广告支出很重，但由于中美关税战而减少了支出。它补充说，尽管面临宏观环境的影响，但它在应对不确定时期方面经验丰富。</p>
<p>公司在第一季度还回购了 151 亿美元的股票，并宣布了一项新的 700 亿美元的回购计划。该回购计划应能为股票提供一些支持。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTYxMDEvZ2V0dHlpbWFnZXMtMTIwNTE5MzY0Mi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTYxMDEvZ2V0dHlpbWFnZXMtMTIwNTE5MzY0Mi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images</p>
<h2><strong>现在是买入股票的时候吗？</strong></h2>
<p>Alphabet 再次展示了为什么它是一只投资者不应忽视的股票。尽管投资者仍持怀疑态度，其搜索业务依然强劲，而云业务则是增长动力。同时，公司在新兴的 Waymo 业务上也得不到太多认可，而特斯拉的股票似乎在其 CEO 提到机器人出租车、网络出租车或自动驾驶时就会上涨。</p>
<p>事实是，AI 并没有取代搜索。AI 有许多优秀的用途，是搜索的良好补充，但它也是一个耗电量大的过程，运行成本显著高于搜索。因此，AI 的使用和货币化方式将会演变，而搜索仍然适用于其传统用途的简单查询。</p>
<p>Alphabet 在 AI 领域的地位也不容小觑，其最新的 Gemini 模型是一项强有力的产品，并且在文本转视频等领域处于领先地位。</p>
<p>然而，投资者的怀疑使得 Alphabet 的股票被低估。它的前瞻市盈率（P/E）约为 18 倍，基于 2025 年分析师对一系列有吸引力的市场领先和新兴业务的预期。这使得它在长期内成为一个很好的买入机会。</p>

谷歌-A

谷歌-C

<p>Alphabet 第一季度的财报显示，谷歌搜索收入增长了 10%，达到了 507 亿美元，得益于各行业的强劲表现。谷歌云收入增长了 28%，达到了 123 亿美元，人工智能基础设施的显著增长推动了这一结果。YouTube 广告收入也增长了 10%，达到了 89 亿美元。总体而言，Alphabet 的季度收入增长了 12%，达到了 902 亿美元，每股收益飙升 49%，达到了 2.81 美元。公司宣布了一项 700 亿美元的股票回购计划，显示出强劲的财务健康状况。尽管面临一些宏观经济挑战，Alphabet 仍然是一个强劲的投资机会</p>

<p>The reports of Google's death have been greatly exaggerated. If you've recently spent any time on X (formerly Twitter), you've probably read that Google search is a dying business.</p>
<div class="lb-trans"><p>关于谷歌死亡的报道被大大夸大了。如果你最近在 X（前身为 Twitter）上花了一些时间，你可能读到谷歌搜索正在衰退的消息。</p>
</div><p>However, <strong>Alphabet</strong>'s (GOOGL 1.70%)(GOOG 1.52%) first-quarter results once again demonstrate why investors shouldn't begin shoveling dirt on it just yet. Its Google search revenue climbed 10% to a whopping $50.7 billion. It saw strength across verticals, led by the insurance, retail, healthcare, and travel industries. It added that its new multimodality features continue to drive search queries, while its circle-to-search usage increased 40% in the quarter. Circle-to-search allows Android users to search by circling or highlighting text. It can then help users shop for a similar item or even translate text.</p>
<div class="lb-trans"><p>然而，<strong>Alphabet</strong>（GOOGL 1.70%）（GOOG 1.52%）第一季度的业绩再次证明，投资者不应该急于对其下葬。谷歌搜索收入增长了 10%，达到了惊人的 507 亿美元。各个行业都表现强劲，尤其是保险、零售、医疗和旅游行业。它还补充说，其新的多模态功能继续推动搜索查询，而其圈选搜索的使用在本季度增长了 40%。圈选搜索允许 Android 用户通过圈选或高亮文本进行搜索。然后，它可以帮助用户寻找类似商品，甚至翻译文本。</p>
</div><p>At the same time, it has 1.5 billion AI Overview users a month. In March, it released AI mode, which will provide its AI Overviews with more advanced reasoning, thinking, and multimodal capabilities. It said its AI Overviews continue to be monetized at a similar rate to search and that it will continue to look to innovate more on this front.</p>
<div class="lb-trans"><p>与此同时，它每月有 15 亿个 AI 概览用户。在 3 月，它发布了 AI 模式，将为其 AI 概览提供更高级的推理、思考和多模态能力。它表示，其 AI 概览的货币化速度与搜索相似，并将继续在这一领域寻求创新。</p>
</div><h2><strong>Google Cloud continues to drive growth</strong></h2>
<div class="lb-trans"><h2><strong>谷歌云继续推动增长</strong></h2>
</div><p>While search remains strong, cloud computing continues to be the biggest growth engine for the company. Google Cloud revenue in Q1 jumped 28% year over year to $12.3 billion, while segment operating income soared 142% to $2.2 billion. The company said its Google Cloud Platform (GCP) grew much faster than its overall cloud business. GCP encompasses its AI infrastructure and generative AI solutions, while Google Cloud as a whole also includes Google Workspace, home to Gmail and its worker productivity apps.</p>
<div class="lb-trans"><p>尽管搜索业务依然强劲，云计算仍然是公司最大的增长引擎。谷歌云在第一季度的收入同比增长 28%，达到 123 亿美元，而该部门的营业收入飙升 142%，达到 22 亿美元。公司表示，其谷歌云平台（GCP）的增长速度远快于整体云业务。GCP 包括其 AI 基础设施和生成式 AI 解决方案，而谷歌云整体还包括谷歌工作区，后者是 Gmail 和其工作生产力应用的家园。</p>
</div><p>Alphabet said it will see variability in Google Cloud revenue growth throughout the year based on the timing of new capacity coming online. The business remains capacity-constrained given high demand, and much of its high-capacity deployments are expected to be toward the end of the year. It is investing $75 billion in capital expenditure (capex) to help build out its data center capacity.</p>
<div class="lb-trans"><p>Alphabet 表示，谷歌云收入的增长将在全年内出现波动，具体取决于新产能上线的时间。由于需求旺盛，该业务仍然受到产能限制，预计其高产能部署将在年底前完成。它正在投资 750 亿美元用于资本支出（capex），以帮助扩展其数据中心的产能。</p>
</div><p>YouTube, meanwhile, also continues to deliver solid results, with ad revenue rising 10% to $8.9 billion. YouTube, along with Google One (cloud storage), also helped drive a 19% increase in its subscription and device revenue to $10.4 billion. It noted that YouTube has been the No. 1 streaming service in the U.S. by watch time over the past two years.</p>
<div class="lb-trans"><p>与此同时，YouTube 也继续交出稳健的业绩，广告收入增长 10%，达到 89 亿美元。YouTube 以及谷歌云存储（Google One）也推动了其订阅和设备收入增长 19%，达到 104 亿美元。它指出，YouTube 在过去两年中一直是美国观看时间最多的流媒体服务。</p>
</div><p>The company also highlighted the strong growth of its Waymo robotaxi business. It is now delivering 250,000 paid trips a week, which is up 5x from a year ago. And if my math is correct, that's 250,000 more paid trips than <strong>Tesla</strong> currently has. Waymo will launch in Atlanta later this year and then go live in Miami and Washington, D.C., in 2026.</p>
<div class="lb-trans"><p>公司还强调了其 Waymo 机器人出租车业务的强劲增长。现在每周提供 25 万次付费出行，比一年前增长了 5 倍。如果我的计算正确，这比 <strong>特斯拉</strong> 目前的付费出行多出 25 万次。Waymo 将在今年晚些时候在亚特兰大推出，并将在 2026 年在迈阿密和华盛顿特区上线。</p>
</div><p>Overall, Alphabet grew its total quarterly revenue by 12% (14% on a constant currency basis), to $90.2 billion. Earnings per share, meanwhile, soared 49% year over year to $2.81. That easily topped analyst consensus estimates, which were calling for EPS of $2.01 on revenue of $89.1 billion, as compiled by <strong>LSEG</strong>.</p>
<div class="lb-trans"><p>总体而言，Alphabet 的季度总收入增长了 12%（按固定汇率计算增长 14%），达到 902 亿美元。每股收益同比飙升 49%，达到 2.81 美元。这轻松超过了分析师的共识预期，分析师预计每股收益为 2.01 美元，收入为 891 亿美元，数据由 <strong>LSEG</strong> 汇编。</p>
</div><p>Looking ahead, Alphabet said it would see a &#34;slight headwind&#34; to its ad business from Asian retailers due to the change in the de minimis exemption that will occur in May. Chinese retailers like Temu and Shein have benefited from a rule that allowed shipments worth less than $800 to enter the U.S. duty-free, but that loophole is being closed. These companies have been heavy digital advertisers in the U.S., but have pulled back their spending in response to the U.S.-China tariff war. It added that it was not immune to the macro environment, but that it has a lot of experience in managing through uncertain times.</p>
<div class="lb-trans"><p>展望未来，Alphabet 表示，由于 5 月将发生的最低免税额变更，其广告业务将面临来自亚洲零售商的 &#34;轻微逆风&#34;。像 Temu 和 Shein 这样的中国零售商受益于一项允许价值低于 800 美元的货物免税进入美国的规则，但这一漏洞正在被关闭。这些公司在美国的数字广告支出很重，但由于中美关税战而减少了支出。它补充说，尽管面临宏观环境的影响，但它在应对不确定时期方面经验丰富。</p>
</div><p>The company also repurchased $15.1 billion in shares in Q1 and announced a new $70 billion buyback. The buyback plan should lend some support to the stock.</p>
<div class="lb-trans"><p>公司在第一季度还回购了 151 亿美元的股票，并宣布了一项新的 700 亿美元的回购计划。该回购计划应能为股票提供一些支持。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTYxMDEvZ2V0dHlpbWFnZXMtMTIwNTE5MzY0Mi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816101%2Fgettyimages-1205193642.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images</p>
<div class="lb-trans"><p>图片来源：Getty Images</p>
</div><h2><strong>Is it time to buy the stock?</strong></h2>
<div class="lb-trans"><h2><strong>现在是买入股票的时候吗？</strong></h2>
</div><p>Alphabet once again showed why it's a stock that investors should not overlook. Its search business remains strong, despite continued investor skepticism, while its cloud business is a growth driver. Meanwhile, the company also gets little credit for its emerging Waymo business, while Tesla's stock seemingly rallies anytime its CEO utters the words robotaxi, cybercab, or autonomous driving.</p>
<div class="lb-trans"><p>Alphabet 再次展示了为什么它是一只投资者不应忽视的股票。尽管投资者仍持怀疑态度，其搜索业务依然强劲，而云业务则是增长动力。同时，公司在新兴的 Waymo 业务上也得不到太多认可，而特斯拉的股票似乎在其 CEO 提到机器人出租车、网络出租车或自动驾驶时就会上涨。</p>
</div><p>The truth of the matter is that AI is not replacing search. AI has many great uses and is a great complement to search, but it's also a heavy power-consuming process that is significantly more expensive to run than search. As a result, how AI is used and gets monetized will evolve, and search will still be good for the simple queries for which it has traditionally been used.</p>
<div class="lb-trans"><p>事实是，AI 并没有取代搜索。AI 有许多优秀的用途，是搜索的良好补充，但它也是一个耗电量大的过程，运行成本显著高于搜索。因此，AI 的使用和货币化方式将会演变，而搜索仍然适用于其传统用途的简单查询。</p>
</div><p>Alphabet's position in AI also should not be underestimated, as its newest Gemini model is a strong offering, and it is leading the way in areas such as text-to-video with Veo 2.</p>
<div class="lb-trans"><p>Alphabet 在 AI 领域的地位也不容小觑，其最新的 Gemini 模型是一项强有力的产品，并且在文本转视频等领域处于领先地位。</p>
</div><p>Investor skepticism, however, has placed Alphabet's stock in the bargain bin. It trades at a forward price-to-earnings ratio (P/E) of about 18 times 2025 analyst estimates for a collection of attractive market-leading and emerging businesses. This makes it a great buy over the long run.</p>
<div class="lb-trans"><p>然而，投资者的怀疑使得 Alphabet 的股票被低估。它的前瞻市盈率（P/E）约为 18 倍，基于 2025 年分析师对一系列有吸引力的市场领先和新兴业务的预期。这使得它在长期内成为一个很好的买入机会。</p>
</div>

Alphabet Continues to Defy Skeptics as Search Revenue Jumps. Is It Time to Buy the Stock While It's Still On Sale?

- Alphabet 第一季度营收增长 12%，达 902 亿美元，超出分析师预期。  
- Google 搜索收入增长 10%，云计算收入同比增长 28%。  
- 公司计划回购 700 亿美元股票，Waymo 业务也在快速增长。  

Alphabet 继续挑战怀疑者，因为搜索收入激增。现在是趁股票仍在低价时买入的好时机吗？