Alphabet\u2019s Google Cloud more than doubled its revenue to $30.7 billion in the third quarter, helping to soften some of the more tepid growth from Google Search and YouTube. But for investors, it wasn\u2019t enough.<\/p>\n
\n
Despite the strong showing from its cloud business, investors sold off and Alphabet\u2019s after-hours stock price dropped more than 11% following the release of its quarterly results. The drop wiped out more than $280 billion in market value. <\/p>\n
Aptus Capital Advisors head of equity and portfolio manager David Wagner wrote that Google Cloud did what it was supposed to this quarter. \u201cThe problem is everything else,\u201d wrote Wagner.<\/p>\n
Investors are concerned about sluggish growth in Google\u2019s search business, amid fears it might be swallowed up by \u201cAI cannibalizing the franchise,\u201d Wagner wrote. Google Search rose 12% to $63.4 billion, a marked slowdown from 17% growth in the second quarter and 19% in the first. Analysts were expecting the search business to grow 15%. <\/p>\n
Tech analyst Dan Ives remained characteristically bullish in a first-take note from his Yorkville Ives equity research. \u201cThis is the Cloud print we have been waiting for, and in our view it matters more than a lighter Search number the bears will lean on tonight,\u201d wrote Ives.<\/p>\n
Alphabet reported third-quarter revenue of $127.6 billion, up 25% from $102.3 billion a year earlier, roughly in line with the $127.9 billion analysts were expecting, according to consensus estimates from S&P Global Visible Alpha. Earnings tumbled to $2.12 a share from $2.87. The drop is due to an $8.7 billion paper loss on Alphabet\u2019s equity investments, which trimmed its earnings by 55 cents per share. Meanwhile, operating income rose 30% from a year ago, but dipped slightly to $40.6 billion compared to $40.8 billion last quarter.<\/p>\n
\u201cWe had a strong quarter and are now on a half-trillion dollar revenue run rate,\u201d said Alphabet CEO Sundar Pichai in a statement. \u201cOur deep full stack approach is driving momentum across the business, with Alphabet revenues growing 25% year-over year.\u201d<\/p>\n
As for capital spending, investors are eagerly awaiting the figure among all the hyperscalers as the sizzling race for AI compute has pressed companies to splash out $2 trillion in two years. Alphabet reported that capex was $51.4 billion in the third quarter, compared to $24 billion a year ago. The company confirmed its full-year capital spending forecast and capex is expected to reach $200 billion in 2026, and then rise to $300 billion in 2027. Chief financial officer Anat Ashkenazi said more details on capex would be forthcoming in the fourth quarter.<\/p>\n
Independent tech analyst Luke Lango wrote in a note immediately after Alphabet announced its results that investors were dumping stock for the wrong reason, namely that the paper loss reflects Alphabet\u2019s stake in SpaceX. Lango called it \u201caccounting noise,\u201d rather than a core problem with the business. <\/p>\n
\u201cAlphabet is now funding the AI buildout with shareholders\u2019 money instead of its own cash,\u201d wrote Lango. \u201cThat\u2019s what the market is punishing tonight. But make no mistake: this is a \u2018how do we pay for it\u2019 problem not a \u2018nobody wants it\u2019 problem.\u201d<\/p>\n
The third quarter results are Alphabet\u2019s first full results since the tech giant announced it raised $84.8 billion in equity in June, including $10 billion from Berkshire Hathaway, to fund an AI buildout. The heavy spending has pushed Alphabet\u2019s free cash flow into negative territory, clocking in at negative $9.1 billion, compared to negative $5.9 billion in the second quarter.<\/p>\n
Melissa Otto, global head of Visible Alpha Research at S&P Global, wrote in a note that investors have worried that Google Cloud\u2019s profit margin had peaked last quarter but it widened to 36.2%.<\/p>\n<\/div>\n
#Alphabets #Google #Cloud #revenue #doubles #billion #cash #flow #stays #deep #red<\/p>\n","protected":false},"excerpt":{"rendered":"
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<\/p>\n