<p><strong>字母表</strong>(GOOG 1.14%)(GOOGL 1.48%) 最近在其第一季度财报发布时给投资者带来了一些令人鼓舞的消息，包括一个好于预期的结果，这对全年展望相对乐观。这与许多投资者对关税影响的担忧相悖，但我们将随着时间的推移观察关税如何影响字母表。</p>
<p>在第一季度财报中，该公司还做出了一个令人兴奋的宣布：授权进行 700 亿美元的股票回购。这是一笔巨额资金，但目前有一些特殊情况将使这一股票回购计划与其他计划有所不同。</p>
<h2>字母表的广告收入流在未来几个月可能会面临一些压力</h2>
<p>字母表更为人知的是其母公司是谷歌、YouTube 和 Android 操作系统。它主要通过广告获得收入，这也是为什么市场对其股票存在很多悲观情绪。广告支出通常是公司在面临经济衰退时首先削减的项目，这将对字母表产生重大影响。</p>
<p>当字母表的管理层在公司第一季度的电话会议上被问及是否看到关税的影响时，他们特别提到了免税额的结束作为一个逆风。这与字母表与深折扣中国零售商如 Temu 和 Shein 的业务直接相关，但首席商务官 Philipp Schindler 表示这只是一个 “轻微” 的逆风。他还指出，字母表在应对不确定时期方面有丰富的经验，并对其处理任何情况的能力充满信心。</p>
<p>在财报发布后，股票最初上涨，但随后出现小幅下跌。这可能表明市场对所听到的消息感到满意，但仍然不相信字母表不会受到重大影响，尽管管理层表示情况并非如此。</p>
<p>因此，在下一个财报发布之前，除了新闻头条和整体市场方向外，可能不会有任何重大催化剂来推动股票。这使得 700 亿美元的股票回购计划显得格外令人兴奋：股票价格极其便宜。</p>
<h2>更便宜的股票使得回购计划更有效</h2>
<p>这个概念并不难理解：股票越便宜，你可以用固定预算购买的股份就越多。字母表的股票是本十年来最便宜的，这将使这一股票回购计划非常有效。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b1fcc15d79786be59bd916bd0ab188a1.png?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://media.ycharts.com/charts/b1fcc15d79786be59bd916bd0ab188a1.png"/></p>
<p>GOOGL 市盈率数据来自 YCharts。</p>
<p>字母表的市盈率为 17.9 倍的历史收益和 16.8 倍的未来收益，考虑到 <strong>标准普尔 500 指数</strong> 的市盈率为 22.1 倍的历史收益和 20.5 倍的未来收益，字母表的定价具有吸引力。</p>
<p>投资者担心其广告收入能否维持，但他们也对司法部试图拆分字母表以打击非法垄断的持续努力感到担忧。在两起不同的法庭案件中，一名地区法官发现字母表在搜索引擎业务（谷歌浏览器）和其广告平台上维持了非法垄断。目前有一些补救措施正在讨论，以解决非法垄断问题，但我们距离任何解决方案还有很长的路要走。</p>
<p>此案无疑将最终上诉至最高法院，可能需要数年才能到达那里。如果投资者不想在这一过程中持有股票也是可以理解的，但这只是导致字母表股票价格便宜的另一个因素，这将使其 700 亿美元的回购计划更有效。</p>
<p>通过减少股份数量，即使收益保持平稳，字母表的每股收益（EPS）也会提高，因为方程的分母在减少。这在当前环境中至关重要，因为字母表在面临经济不确定性时可能会看到收益增长的逆风。</p>
<p>尽管字母表的前景中有一些阴云，但没有人确定它们将如何影响其股票。然而，市场已经假设字母表将遭遇一场强烈的风暴。由于这种悲观情绪已经反映在股价中，我认为现在代表了一个强劲的买入机会，如果你愿意在接下来的三到五年中坚持度过风暴。</p>

谷歌-A

谷歌-C

<p>Alphabet 最近的第一季度财报显示，授权回购 700 亿美元的股票，尽管对广告收入和关税存在担忧，但这表明了公司的信心。目前，股票的价格具有吸引力，市盈率低于标准普尔 500 指数，这使得回购计划可能有效。然而，关于其垄断地位的持续法律挑战可能会影响投资者情绪。尽管面临这些挑战，但围绕 Alphabet 股票的悲观情绪可能为愿意承受潜在经济逆风的长期投资者提供了强有力的买入机会</p>

<p><strong>Alphabet</strong>(GOOG 1.14%)(GOOGL 1.48%) recently gave investors some encouraging news during its first-quarter earnings release, including a better-than-feared result that was relatively upbeat for the rest of the year. This flies in the face of many investors' concerns regarding the effects of tariffs, but we'll see how tariffs affect Alphabet as we move along throughout the year.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG 1.14%)(GOOGL 1.48%) 最近在其第一季度财报发布时给投资者带来了一些令人鼓舞的消息，包括一个好于预期的结果，这对全年展望相对乐观。这与许多投资者对关税影响的担忧相悖，但我们将随着时间的推移观察关税如何影响字母表。</p>
</div><p>During its Q1 earnings report, the company also made one exciting announcement: A $70 billion share repurchase authorization. This is a massive chunk of money, but some special circumstances are going on right now that will make this share repurchase plan different from the rest.</p>
<div class="lb-trans"><p>在第一季度财报中，该公司还做出了一个令人兴奋的宣布：授权进行 700 亿美元的股票回购。这是一笔巨额资金，但目前有一些特殊情况将使这一股票回购计划与其他计划有所不同。</p>
</div><h2>Alphabet's ad revenue stream could see some pressure in the coming months</h2>
<div class="lb-trans"><h2>字母表的广告收入流在未来几个月可能会面临一些压力</h2>
</div><p>Alphabet is better known as the parent company of Google, YouTube, and the Android operating system. It primarily makes revenue from advertising, which is why a lot of pessimism is baked into the stock. Ad spending is among the first line items to get cut when a company's facing an economic downturn, which would impact Alphabet substantially.</p>
<div class="lb-trans"><p>字母表更为人知的是其母公司是谷歌、YouTube 和 Android 操作系统。它主要通过广告获得收入，这也是为什么市场对其股票存在很多悲观情绪。广告支出通常是公司在面临经济衰退时首先削减的项目，这将对字母表产生重大影响。</p>
</div><p>When Alphabet's management was asked during the company's first-quarter conference call whether they saw any effects from tariffs, they specifically called out the end of de minimis exemptions as a headwind. This can be directly tied to Alphabet's business with deep discount Chinese retailers like Temu and Shein, but Chief Business Officer Philipp Schindler made a comment that it was only a &#34;slight&#34; headwind. He also noted that Alphabet has a ton of experience in managing through uncertain times, and that he was confident in its ability to handle whatever situation is thrown at it.</p>
<div class="lb-trans"><p>当字母表的管理层在公司第一季度的电话会议上被问及是否看到关税的影响时，他们特别提到了免税额的结束作为一个逆风。这与字母表与深折扣中国零售商如 Temu 和 Shein 的业务直接相关，但首席商务官 Philipp Schindler 表示这只是一个 “轻微” 的逆风。他还指出，字母表在应对不确定时期方面有丰富的经验，并对其处理任何情况的能力充满信心。</p>
</div><p>After the earnings release, the stock initially rose, but then saw a small decline. This may indicate that the market liked what it heard, but still isn't convinced that Alphabet won't see a huge effect, despite management stating otherwise.</p>
<div class="lb-trans"><p>在财报发布后，股票最初上涨，但随后出现小幅下跌。这可能表明市场对所听到的消息感到满意，但仍然不相信字母表不会受到重大影响，尽管管理层表示情况并非如此。</p>
</div><p>As a result, there likely won't be any huge catalysts to move the stock besides news headlines and the general market direction between now and its next earnings report. This is what makes the $70 billion share repurchase program so exciting: The stock is incredibly cheap.</p>
<div class="lb-trans"><p>因此，在下一个财报发布之前，除了新闻头条和整体市场方向外，可能不会有任何重大催化剂来推动股票。这使得 700 亿美元的股票回购计划显得格外令人兴奋：股票价格极其便宜。</p>
</div><h2>Cheaper stocks make for more effective buy-back programs</h2>
<div class="lb-trans"><h2>更便宜的股票使得回购计划更有效</h2>
</div><p>This isn't a hard concept to grasp: The cheaper the stock is, the more shares you can buy with a set budget. Alphabet's stock is among the cheapest it has been this decade, which will make this share repurchase program very effective.</p>
<div class="lb-trans"><p>这个概念并不难理解：股票越便宜，你可以用固定预算购买的股份就越多。字母表的股票是本十年来最便宜的，这将使这一股票回购计划非常有效。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b1fcc15d79786be59bd916bd0ab188a1.png" alt="" original-src="https://media.ycharts.com/charts/b1fcc15d79786be59bd916bd0ab188a1.png"/></p>
<p>GOOGL PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>GOOGL 市盈率数据来自 YCharts。</p>
</div><p>At 17.9 times trailing earnings and 16.8 times forward earnings, Alphabet is attractively priced, especially considering that the <strong>S&amp;P 500</strong> trades for 22.1 times trailing earnings and 20.5 times forward earnings.</p>
<div class="lb-trans"><p>字母表的市盈率为 17.9 倍的历史收益和 16.8 倍的未来收益，考虑到 <strong>标准普尔 500 指数</strong> 的市盈率为 22.1 倍的历史收益和 20.5 倍的未来收益，字母表的定价具有吸引力。</p>
</div><p>Investors are worried about its ad revenue holding up, but they're also concerned about the ongoing attempt by the Department of Justice to break up Alphabet due to an illegal monopoly. In two separate court cases, a district judge found that Alphabet maintained an illegal monopoly in the search engine business (Google Chrome) and its ad platform. A few remedies are being floated around right now to resolve the illegal monopoly problem, but we're a long way from any resolution.</p>
<div class="lb-trans"><p>投资者担心其广告收入能否维持，但他们也对司法部试图拆分字母表以打击非法垄断的持续努力感到担忧。在两起不同的法庭案件中，一名地区法官发现字母表在搜索引擎业务（谷歌浏览器）和其广告平台上维持了非法垄断。目前有一些补救措施正在讨论，以解决非法垄断问题，但我们距离任何解决方案还有很长的路要走。</p>
</div><p>This case will undoubtedly end up at the Supreme Court, and it could take years to get there. Investors would be forgiven if they don't want to hold throughout that saga, but this is just another factor contributing to Alphabet's cheap stock price, which will make its $70 billion buyback program more effective.</p>
<div class="lb-trans"><p>此案无疑将最终上诉至最高法院，可能需要数年才能到达那里。如果投资者不想在这一过程中持有股票也是可以理解的，但这只是导致字母表股票价格便宜的另一个因素，这将使其 700 亿美元的回购计划更有效。</p>
</div><p>By reducing the share count, Alphabet's earnings per share (EPS) will rise even if earnings stay flat, because the denominator of the equation is decreasing. This is key in the current environment, because Alphabet could see some headwinds in earnings growth as we face economic uncertainty.</p>
<div class="lb-trans"><p>通过减少股份数量，即使收益保持平稳，字母表的每股收益（EPS）也会提高，因为方程的分母在减少。这在当前环境中至关重要，因为字母表在面临经济不确定性时可能会看到收益增长的逆风。</p>
</div><p>While there are some dark clouds on the horizon for Alphabet, no one is sure how they will affect its stock. However, the market has already assumed that Alphabet is going to be pelted with a heavy storm. With this pessimism already baked into the stock price, I think now represents a strong buying opportunity, if you're willing to hold on through the storm for the next three to five years.</p>
<div class="lb-trans"><p>尽管字母表的前景中有一些阴云，但没有人确定它们将如何影响其股票。然而，市场已经假设字母表将遭遇一场强烈的风暴。由于这种悲观情绪已经反映在股价中，我认为现在代表了一个强劲的买入机会，如果你愿意在接下来的三到五年中坚持度过风暴。</p>
</div>

70 Billion Reasons to Buy Alphabet Stock Right Now

- Alphabet 第一季度财报超出预期，宣布 700 亿美元股票回购计划。  
- 广告收入面临压力，管理层称关税影响为 “轻微”。  
- 股票价格便宜，回购计划将有效提升每股收益。

现在购买 Alphabet 股票的七百亿个理由