<p><strong>字母表</strong>(GOOG -0.92%) (GOOGL -1.02%) 最近公布了 2025 年第一季度令人印象深刻的财报。但这并没有对其股价产生太大影响，目前股价较年初下跌约 18%。</p>
<p>一个可能带来提振的举措是股票拆分。包括字母表在内的几家主要科技公司已经进行了股票拆分，并且一些公司在拆分后实现了超越市场的回报。字母表会尝试这种方式以期获得更好的表现吗？让我们看看这种可能性有多大，以及无论如何你是否应该投资这家公司。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc3NTMvd2lkZS1zaG90LW9mLWdvb2dsZS1jYW1wdXNfYWxwaGFiZXRfZ29vZ2xlLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc3NTMvd2lkZS1zaG90LW9mLWdvb2dsZS1jYW1wdXNfYWxwaGFiZXRfZ29vZ2xlLmpwZyZ3PTcwMA"/></p>
<p>图片来源：字母表。</p>
<h2>最近一次字母表股票拆分</h2>
<p>公司通过发行更多股票来降低其股价。股票拆分并不会改变公司的基本价值，但可以使股票对投资者更具吸引力，因为股票变得更便宜。</p>
<p>字母表于 2022 年 7 月 15 日进行了 20 比 1 的股票拆分，这意味着投资者每持有一股就会获得 20 股。在拆分之前，字母表的交易价格为 2255 美元。拆分后，调整后的交易价格约为 113 美元，使其成为更具预算友好的投资。</p>
<p>自那时以来，字母表的回报为 38%，在同一时期内表现不及 <strong>标准普尔 500 指数</strong>。而在当前股价下，进行股票拆分并没有太大意义。股票并不那么昂贵，不会驱赶投资者，这意味着股票拆分的好处有限。</p>
<p>虽然无法预测公司何时会拆分股票，但你可能不会在近期看到字母表这样做。但有很多更好的理由考虑将其纳入你的投资组合。</p>
<h2>为什么字母表是顶级科技股票之一</h2>
<p>字母表在科技领域的多个角落都是市场领导者。根据 StatCounter 的数据，谷歌无疑是最受欢迎的搜索引擎，市场份额接近 90%。安卓是领先的移动操作系统，市场份额为 72%，而 Chrome 是市场份额为 66% 的顶级浏览器。</p>
<p>此外，字母表拥有 YouTube，后者在 3 月份是最大的媒体分发平台。根据尼尔森的数据，它占据了整体电视观看的 12%，超越了 Disney+、<strong>Netflix</strong> 和其他主要媒体公司。</p>
<p>凭借这些产品、谷歌云及其其他服务，字母表在第一季度实现了 902 亿美元的收入，同比增长 12%。使这家公司作为投资更具吸引力的是其前瞻性的投资策略。字母表一直在不断投资于新兴技术。最近，这意味着对人工智能（AI）技术的承诺，包括其 Gemini 聊天机器人和在谷歌搜索结果中添加 AI 概述。</p>
<p>字母表的股价也是自 2023 年以来最低的。如果你喜欢字母表的业务，那么现在是以合理价格购买股票的好机会。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/721d7c47313a9e44b2a0ba3abcb2f415.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/721d7c47313a9e44b2a0ba3abcb2f415.png"/></p>
<p>GOOGL 市盈率（前瞻性）数据来源于 YCharts</p>
<h2>熊市案例</h2>
<p>字母表的股票因多种原因下跌。去年，一名联邦法官裁定谷歌在其在线搜索业务中建立了非法的垄断权力。尚未决定罚款，但美国司法部希望字母表出售其 Chrome 浏览器及其广告业务。</p>
<p>法律程序可能会拖延到明年，因此字母表处于不确定的境地。虽然罚款可能会对字母表的业务产生负面影响，但影响程度尚不明确，公司仍可能赢得上诉。</p>
<p>字母表对广告的依赖是另一个担忧，因为这是企业在经济衰退期间首先削减的领域。谷歌广告在 2025 年第一季度占报告收入的 74%。</p>
<p>这是一个很大的数字，但远不如以前那么大。2010 年，字母表 99% 的收入来自广告。自那时以来，它已经多元化了收入来源，并且基于其在人工智能、云服务（今年早些时候宣布收购云安全平台 Wiz 的协议）和自动驾驶汽车方面的投资，预计将继续这样做。</p>
<h2>一项优质的科技投资，无论是否拆分股票</h2>
<p>如上所述，字母表近期拆分股票的可能性非常低。字母表在未来五年超越市场的可能性要高得多。</p>
<p>这家科技巨头拥有市场领先的产品和令人兴奋的创新。其财务状况也非常出色。除了最近的收入增长外，公司在过去 12 个月中拥有 749 亿美元的自由现金流，为其投资增长机会提供了充足的资金。而且在市盈率方面，该股票是 “七大奇迹” 中最便宜的。如果你在寻找以合理估值交易的科技股票，字母表值得考虑。</p>

谷歌-A

谷歌-C

<p>谷歌最近的季度财报表现令人印象深刻，但其股价今年下跌了 18%。股票拆分可能会吸引投资者，但目前来看并不显得必要，因为股票并不昂贵。谷歌在科技领域依然处于领先地位，收入增长强劲，并在人工智能方面进行了投资。然而，法律挑战和对广告的依赖也带来了风险。尽管近期股票拆分的可能性较低，但由于其市场地位和财务健康，谷歌仍被视为一个稳健的投资机会</p>

<p><strong>Alphabet</strong>(GOOG -0.92%) (GOOGL -1.02%) recently reported impressive quarterly earnings to start 2025. But that hasn't done much for its share price, which at this writing is down about 18% on the year.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG -0.92%) (GOOGL -1.02%) 最近公布了 2025 年第一季度令人印象深刻的财报。但这并没有对其股价产生太大影响，目前股价较年初下跌约 18%。</p>
</div><p>One move that could provide a boost is a stock split. Several major tech companies, Alphabet included, have split their stocks, and some have gone on to market-beating returns. Could Alphabet try this in hopes of better performance? Let's look at how likely this is and if you should invest in the company regardless.</p>
<div class="lb-trans"><p>一个可能带来提振的举措是股票拆分。包括字母表在内的几家主要科技公司已经进行了股票拆分，并且一些公司在拆分后实现了超越市场的回报。字母表会尝试这种方式以期获得更好的表现吗？让我们看看这种可能性有多大，以及无论如何你是否应该投资这家公司。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc3NTMvd2lkZS1zaG90LW9mLWdvb2dsZS1jYW1wdXNfYWxwaGFiZXRfZ29vZ2xlLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817753%2Fwide-shot-of-google-campus_alphabet_google.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Alphabet.</p>
<div class="lb-trans"><p>图片来源：字母表。</p>
</div><h2>The most recent Alphabet stock split</h2>
<div class="lb-trans"><h2>最近一次字母表股票拆分</h2>
</div><p>Companies use stock splits to lower their share prices by issuing more shares. A stock split doesn't change the underlying value of a company, but it can make the stock more attractive to investors, because shares become cheaper.</p>
<div class="lb-trans"><p>公司通过发行更多股票来降低其股价。股票拆分并不会改变公司的基本价值，但可以使股票对投资者更具吸引力，因为股票变得更便宜。</p>
</div><p>Alphabet conducted a 20-for-1 stock split on July 15, 2022, meaning investors received 20 shares for every one share they owned. Before the split, Alphabet was trading at $2,255. Afterward, it traded at a split-adjusted price of about $113, making it a far more budget-friendly investment.</p>
<div class="lb-trans"><p>字母表于 2022 年 7 月 15 日进行了 20 比 1 的股票拆分，这意味着投资者每持有一股就会获得 20 股。在拆分之前，字母表的交易价格为 2255 美元。拆分后，调整后的交易价格约为 113 美元，使其成为更具预算友好的投资。</p>
</div><p>Since then, Alphabet has returned 38%, underperforming the <strong>S&amp;P 500</strong> over the same time period. And at the current share price, a stock split doesn't make much sense. Shares aren't so expensive that it's going to drive away investors, which means there's little benefit to a stock split.</p>
<div class="lb-trans"><p>自那时以来，字母表的回报为 38%，在同一时期内表现不及 <strong>标准普尔 500 指数</strong>。而在当前股价下，进行股票拆分并没有太大意义。股票并不那么昂贵，不会驱赶投资者，这意味着股票拆分的好处有限。</p>
</div><p>While it's impossible to predict when companies will split their stock, you probably won't see Alphabet do so in the near future. But there are plenty of better reasons to consider adding it to your portfolio.</p>
<div class="lb-trans"><p>虽然无法预测公司何时会拆分股票，但你可能不会在近期看到字母表这样做。但有很多更好的理由考虑将其纳入你的投资组合。</p>
</div><h2>Why Alphabet is one of the top tech stocks</h2>
<div class="lb-trans"><h2>为什么字母表是顶级科技股票之一</h2>
</div><p>Alphabet is a market leader in several corners of the tech world. Google is by far the most popular search engine, with a market share of nearly 90%, according to StatCounter. Android is the leading mobile operating system, with a 72% market share, and Chrome is the top browser with a 66% market share.</p>
<div class="lb-trans"><p>字母表在科技领域的多个角落都是市场领导者。根据 StatCounter 的数据，谷歌无疑是最受欢迎的搜索引擎，市场份额接近 90%。安卓是领先的移动操作系统，市场份额为 72%，而 Chrome 是市场份额为 66% 的顶级浏览器。</p>
</div><p>In addition, Alphabet owns YouTube, which was the top media distributor in March. It captured 12% of overall TV viewing, according to Nielsen data, beating Disney+, <strong>Netflix</strong>, and the other major media companies.</p>
<div class="lb-trans"><p>此外，字母表拥有 YouTube，后者在 3 月份是最大的媒体分发平台。根据尼尔森的数据，它占据了整体电视观看的 12%，超越了 Disney+、<strong>Netflix</strong> 和其他主要媒体公司。</p>
</div><p>With those products, Google Cloud, and the rest of its services, Alphabet made $90.2 billion in revenue in the first quarter, a 12% increase year over year. What makes the company even more exciting as an investment is its forward-looking approach. Alphabet has consistently invested in emerging technologies. Recently, that has meant a commitment to artificial intelligence (AI) technology, including its Gemini chatbot and its addition of AI Overviews to Google search results.</p>
<div class="lb-trans"><p>凭借这些产品、谷歌云及其其他服务，字母表在第一季度实现了 902 亿美元的收入，同比增长 12%。使这家公司作为投资更具吸引力的是其前瞻性的投资策略。字母表一直在不断投资于新兴技术。最近，这意味着对人工智能（AI）技术的承诺，包括其 Gemini 聊天机器人和在谷歌搜索结果中添加 AI 概述。</p>
</div><p>Alphabet is also the cheapest it has been since 2023. If you like Alphabet's business, then right now is a good opportunity to buy shares at an affordable price.</p>
<div class="lb-trans"><p>字母表的股价也是自 2023 年以来最低的。如果你喜欢字母表的业务，那么现在是以合理价格购买股票的好机会。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/721d7c47313a9e44b2a0ba3abcb2f415.png" alt="" original-src="https://media.ycharts.com/charts/721d7c47313a9e44b2a0ba3abcb2f415.png"/></p>
<p>GOOGL PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>GOOGL 市盈率（前瞻性）数据来源于 YCharts</p>
</div><h2>The bear case</h2>
<div class="lb-trans"><h2>熊市案例</h2>
</div><p>Alphabet's stock has dipped for multiple reasons. Last year, a federal judge ruled that Google had built illegal monopoly power with its online search business. A penalty hasn't been decided yet, but the U.S. Department of Justice wants Alphabet to sell its Chrome browser and its advertising business.</p>
<div class="lb-trans"><p>字母表的股票因多种原因下跌。去年，一名联邦法官裁定谷歌在其在线搜索业务中建立了非法的垄断权力。尚未决定罚款，但美国司法部希望字母表出售其 Chrome 浏览器及其广告业务。</p>
</div><p>The legal process will likely drag on until next year, so Alphabet is in an uncertain position. While penalties could negatively impact Alphabet's business, to what extent is unclear, and the company may still win an appeal.</p>
<div class="lb-trans"><p>法律程序可能会拖延到明年，因此字母表处于不确定的境地。虽然罚款可能会对字母表的业务产生负面影响，但影响程度尚不明确，公司仍可能赢得上诉。</p>
</div><p>Alphabet's reliance on advertising is another concern, since that's one of the first areas that businesses cut back during economic downturns. Google advertising accounted for 74% of reported revenue in the first quarter of 2025.</p>
<div class="lb-trans"><p>字母表对广告的依赖是另一个担忧，因为这是企业在经济衰退期间首先削减的领域。谷歌广告在 2025 年第一季度占报告收入的 74%。</p>
</div><p>That's a big number, but it's not nearly as big as it used to be. In 2010, 99% of Alphabet's revenue came from advertising. Since then, it has diversified its revenue streams and will likely continue to do so, based on its investments in AI, cloud services (it announced an agreement to buy cloud security platform Wiz earlier this year), and self-driving cars.</p>
<div class="lb-trans"><p>这是一个很大的数字，但远不如以前那么大。2010 年，字母表 99% 的收入来自广告。自那时以来，它已经多元化了收入来源，并且基于其在人工智能、云服务（今年早些时候宣布收购云安全平台 Wiz 的协议）和自动驾驶汽车方面的投资，预计将继续这样做。</p>
</div><h2>A quality tech investment, with or without a stock split</h2>
<div class="lb-trans"><h2>一项优质的科技投资，无论是否拆分股票</h2>
</div><p>As mentioned above, the odds of Alphabet splitting its stock anytime soon are pretty low. The odds of Alphabet beating the market over the next five years are much higher.</p>
<div class="lb-trans"><p>如上所述，字母表近期拆分股票的可能性非常低。字母表在未来五年超越市场的可能性要高得多。</p>
</div><p>The tech giant has a nice mix of market-leading products and exciting innovations. Its financials are also excellent. Along with its recent revenue growth, the company has $74.9 billion in free cash flow over the trailing 12 months, giving it plenty of money to invest in growth opportunities. And the stock is the cheapest of the &#34;Magnificent Seven&#34; in terms of price-to-earnings ratio. If you're looking for tech stocks trading at a reasonable valuation, Alphabet is worth considering.</p>
<div class="lb-trans"><p>这家科技巨头拥有市场领先的产品和令人兴奋的创新。其财务状况也非常出色。除了最近的收入增长外，公司在过去 12 个月中拥有 749 亿美元的自由现金流，为其投资增长机会提供了充足的资金。而且在市盈率方面，该股票是 “七大奇迹” 中最便宜的。如果你在寻找以合理估值交易的科技股票，字母表值得考虑。</p>
</div>

Stock-Split Watch: Is Alphabet Next?

- Alphabet 最近公布了强劲的季度财报，但股价仍下跌约 18%。
- 公司曾在 2022 年进行过 20 比 1 的股票拆分，当前股价并不高，拆分意义不大。
- Alphabet 在多个领域处于市场领先地位，2025 年第一季度收入增长 12%。

股票拆分观察：Alphabet 是否会成为下一个进行拆分的公司？