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2021-07-23
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Alphabet Profitability Still Hidden In The Cloud As It Surges Past FAANG Toward Q2 Earnings<blockquote>Alphabet的盈利能力仍隐藏在云端，超过 FAANG，迈向第二季度盈利</blockquote>
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Jumping off its earnings performance, GOOGL shares currently stand 11% higher than they were entering last quarter’s reporting period.</p><p><blockquote>总收入强劲增长，达到 553 亿美元，同比增长 34%，除以下业务外，各业务部门均远远超出预期<a href=\"https://laohu8.com/S/AONE.U\">一</a>这符合共识。从盈利表现来看，GOOGL的股价目前比上一季度报告期高出 11%。</blockquote></p><p> Let’s take a step back for a moment. For a company whose $1 trillion market cap has only a handful of peers in the world, you have to wonder how much more growth is possible, especially considering that GOOGL seems to be in every global market, driving some part of every sector and every industry.</p><p><blockquote>让我们后退一步。对于一家市值达 1 万亿美元、在世界上只有少数同行的公司来说，你不得不怀疑还有多少增长是可能的，特别是考虑到GOOGL似乎存在于每个全球市场，推动着每个部门和每个行业的某些部分。</blockquote></p><p> Still, its appetite for growth and innovation is what seems to rejuvenate the 23-year old company. And its forward outlook in its earnings conference call, courtesy of CEO Sundar Pichai, could reflect the scope of the company’s present operations and future ambitions—literally and “virtually,” all over the map.</p><p><blockquote>尽管如此，它对增长和创新的渴望似乎让这家拥有 23 年历史的公司焕发了活力。由首席执行官桑达尔-皮查伊（Sundar Pichai）提供的财报电话会议中的前瞻性展望可以反映公司目前的业务范围和未来的雄心--从字面上和 “虚拟 ”的角度来看。</blockquote></p><p> <h2>Core Search Still Globally Uncontested</h2> Almost everyone in the world uses the term “Google″ as a verb synonymous with “online search.” This speaks to GOOGL’s dominance in the minds of online users—around 92% of all global search queries go through the Google search engine. </p><p><blockquote><h2>核心搜索在全球仍未受到挑战</h2>世界上几乎每个人都把 “谷歌 ”作为 “在线搜索 ”的同义词。这说明了GOOGL在网络用户心目中的主导地位--全球约 92% 的搜索查询都是通过谷歌搜索引擎完成的。</blockquote></p><p> Not surprisingly, the company has owned over 30% of the global online ad market share since at least 2016, according to Statista, and in the US, that figure is expected to rise to 56.8% this year.</p><p><blockquote>毫不奇怪，根据Statista的数据，至少自2016年以来，该公司已经拥有超过30%的全球在线广告市场份额，在美国，这一数字预计今年将升至56.8%。</blockquote></p><p> These are important stats, not only because ad revenue represents 82% of GOOGL’s total revenue—in other words, it pays the bills—but because it’s also what makes the company’s forays into other avenues of growth possible.</p><p><blockquote>这些都是重要的统计数据，不仅因为广告收入占GOOGL总收入的 82%--换句话说，它支付了账单--还因为这也是公司进军其他增长渠道的原因。</blockquote></p><p> As is often the case going into GOOGL earnings, ad revenue growth will likely be on investors’ minds. As earnings approach, the Street appears optimistic about GOOGL’s Q2 ad results. This could be in part due to a continued recovery in internet advertising that may be lifting more than one boat in the sector, Barron’s reported.</p><p><blockquote>与GOOGL财报的情况一样，广告收入的增长很可能会成为投资者关注的焦点。随着财报的临近，华尔街似乎对GOOGL第二季度的广告业绩持乐观态度。据《巴伦周刊》报道，这部分原因可能是互联网广告的持续复苏，这可能会提升该行业的不止一艘船。</blockquote></p><p> <img src=\"https://tickertapecdn.tdameritrade.com/assets/images/pages/md/google-earnings-210723.png\"/></p><p><blockquote></blockquote></p><p> <strong>FIGURE 1:</strong> <strong>TAKING A BITE OUT OF THE FAANG.</strong> Alphabet’s (GOOGL—purple line) shares are running ahead of the rest of the FAANGs ($NYFANG—candlestick) year to date. Data sources: Nasdaq, NYSE. Chart source: The thinkorswim® platform. <em>For illustrative purposes only. Past performance does not guarantee future results.</em></p><p><blockquote><strong>图1：</strong><strong>咬一口FAANG。</strong>今年迄今为止，Alphabet（GOOGL-紫线）的股价领先于其他 FAANG（$NYFANG-烛台）股票。数据来源：纳斯达克、纽约证券交易所。图表来源：The thinkorswim®平台。<em>仅用于说明目的。过去的表现并不能保证未来的结果。</em></blockquote></p><p> <h2>Quiet Dominance In The World Of Mobile Communications</h2> When you talk about <strong>Apple</strong> (NASDAQ:AAPL), it’s almost impossible not to talk about the iPhone. After all, doesn’t everyone virtually live by (or “in”) their mobile phones? We can’t say the same for Alphabet, whose Android phones are hardly ever discussed (even in the company’s recent earnings calls).</p><p><blockquote><h2>移动通信领域的悄然主导地位</h2>当你谈论<strong>苹果</strong>(纳斯达克股票代码：AAPL），几乎不可能不谈论 iPhone。毕竟，不是每个人实际上都靠手机生活吗？Alphabet的情况就不一样了，它的安卓手机几乎从未被讨论过（即使在该公司最近的财报评级上也是如此）。</blockquote></p><p> But here’s something to think about: While nearly 60% of all mobile customers in the U.S. prefer iPhones over Android, the latter dominates the global mobile market with a 72% market share, according to a report by Statcounter. What might that mean with regard to its OS-related Chrome or Chromebook adoption? Seamless OS access across related devices? </p><p><blockquote>但有一点值得思考： 根据 Statcounter 的一份报告，虽然美国近 60% 的移动用户更喜欢 iPhone 而不是 Android，但后者以 72% 的市场份额主导着全球移动市场。这对其操作系统相关的Chrome或Chromebook的采用意味着什么？跨相关设备的无缝操作系统访问？</blockquote></p><p> <h2>Cloud Still Lagging, But Gaining Momentum</h2> GOOGL’s cloud services still rank third behind <strong>Amazon</strong> (NASDAQ:AMZN) and <strong>Microsoft</strong> (NASDAQ:MSFT). But its command of over 7% global market share, reported by Canalys (April 2021), shouldn’t be underestimated, especially considering that the “cloud” is still a budding market.</p><p><blockquote><h2>云仍然滞后，但势头正在增强</h2>GOOGL的云服务仍排名第三<strong>亚马逊</strong>（纳斯达克股票代码：AMZN）和<strong>微软</strong>（纳斯达克股票代码：MSFT）但据 Canalys（2021 年 4 月）报告，其在全球市场份额超过 7%，不应被低估，尤其是考虑到 “云 ”仍是一个新兴市场。</blockquote></p><p> Last quarter’s $4 billion in cloud revenue revealed the strength and speed of GOOGL’s charge, exhibiting a solid 46% year-over-year growth. On the defensive side, the segment also proved capable of reducing its operating losses from $1.73 billion a year ago to only $1 billion last quarter.</p><p><blockquote>上一季度 40 亿美元的云收入显示了GOOGL的实力和速度，同比增长了 46%。在防御方面，该部门还被证明能够将运营亏损从一年前的 17.3 亿美元减少到上季度的仅 10 亿美元。</blockquote></p><p> Investors are likely to pay close attention to the Google Cloud revenue when the company reports Q2 earnings on July 27, after the close. Given the level of emphasis CEO Pichai places on the segment in nearly every earnings conference call, it’s hard not to suspect that GOOGL’s cloud services could help shape the company’s future profitability and market dominance.</p><p><blockquote>当该公司于 7 月 27 日收盘后公布第二季度收益时，投资者可能会密切关注谷歌云的收入。鉴于首席执行官皮查伊在几乎每次财报电话会议上都对这一领域给予了高度重视，很难不怀疑GOOGL的云服务有助于塑造公司未来的盈利能力和市场主导地位。</blockquote></p><p> <h2>Alphabet’s Acquisitions: A Critical Role In Growth?</h2> Last quarter, we saw GOOGL get a $4.75 billion boost in profit due to its startup acquisitions (though it didn’t specify which companies contributed to the gains). Still, expansion by way of acquisitions appears to be an active part of GOOGL’s growth mix, along with fellow peers MSFT and AMZN.</p><p><blockquote><h2>Alphabet的收购： 在增长中的关键作用？</h2>上一季度，我们看到GOOGL通过收购初创公司获得了 47.5 亿美元的利润增长（尽管它没有具体说明哪些公司为收益做出了贡献）。尽管如此，通过收购进行扩张似乎是GOOGL增长组合中的一个活跃组成部分，其他同行 MSFT 和 AMZN 也是如此。</blockquote></p><p></p><p> The company bought up over 160 companies in the last 10 years. But with a formidable free cash flow trailing $50.7 billion over a 12-month period, according to CFO Ruth Porat’s presentation in last quarter’s earnings call, the company may have a sizable amount of cash to expand its portfolio along innovative lines.</p><p><blockquote>该公司在过去10年中收购了160多家公司。但根据首席财务官露丝-波拉特（Ruth Porat）在上一季度财报看涨期权上的介绍，由于公司在 12 个月内的自由现金流高达 507 亿美元，该公司可能拥有大量现金来扩大其创新产品组合。</blockquote></p><p> <h2>Alphabet Leads Communications, Tech, And FAANG Year To Date</h2> According to FactSet, Communication Services and Information Technology are among the sectors holding the highest analyst ratings. GOOGL—a “tech” stock under the “communications” sector category—has surpassed both sectors and its FAANG peers in terms of market performance.</p><p><blockquote><h2>今年迄今为止，Alphabet在通信、技术和 FAANG 领域处于领先地位</h2>根据FactSet的数据，通信服务和信息技术是分析师评级最高的行业之一。GOOGL是 “通信 ”行业类别下的 “科技 ”股票，其市场表现超过了这两个行业及其 FAANG 同行。</blockquote></p><p> Year to date, GOOGL is up 46%, leaving behind Communications (20.69%), Tech (16.45%), and its peer FAANG components. Its closest peer, lagging by a wide margin, is MSFT (26.68%). Looking far ahead, CFRA analysts project a three-year compound annual growth rate of 24% driven by global ad spend, and, on a segment level, driven by search, YouTube, and cloud.</p><p><blockquote>今年迄今为止，GOOGL上涨了 46%，落后于通信 (20.69%)、科技 (16.45%) 及其同行 FAANG 组件。其最接近的同行是 MSFT（26.68%），远远落后。展望未来，CFRA 分析师预计，在全球广告支出的推动下，三年复合年增长率将达到 24%，在细分市场层面，在搜索、YouTube 和云计算的推动下。</blockquote></p><p> As for the current quarter, the company withheld providing revenue and earnings guidance.</p><p><blockquote>至于本季度，该公司暂停提供收入和盈利指引。</blockquote></p><p> <h2>Alphabet Earnings And Options Activity</h2> GOOGL is expected to report <strong>adjusted EPS of $19.21</strong>, up from $10.13 in the prior-year quarter, according to third-party consensus analyst estimates. <strong>Revenue is projected at $56.02 billion</strong>, up 46.3% from a year ago.</p><p><blockquote><h2>Alphabet收益和期权活动</h2>GOOGL预计将报告<strong>调整后每股收益为 19.21 美元</strong>根据第三方共识分析师的估计，高于去年同期的 10.13 美元。<strong>收入预计为 560.2 亿美元</strong>同比增长46.3%。</blockquote></p><p> Options traders have priced in an expected share price move of 3.2% in either direction around the earnings release. The implied volatility sits at the 25th percentile as of Thursday morning.</p><p><blockquote>期权交易员预计财报发布前后，股价双向波动 3.2%。截至周四上午，隐含波动率处于第 25 个百分位。</blockquote></p><p> Looking at the July 30 options expiration, call activity is spread out with higher activity at the 2600 strike while puts have been active at the 2490 and 2500 strikes. </p><p><blockquote>从 7 月 30 日期权到期日来看，看涨期权活动分布在 2600 点，活跃度较高，而看跌期权在 2490 点和 2500 点一直活跃。</blockquote></p><p> <em>Note: Call options represent the right, but not the obligation, to buy the underlying security at a predetermined price over a set period of time. Put options represent the right, but not the obligation, to sell the underlying security at a predetermined price over a set period of time.</em></p><p><blockquote><em>注：看涨期权期权代表在设定时间内以预定价格购买标的证券的权利，而不是义务。看跌期权代表在设定时间内以预定价格出售标的证券的权利，但不是义务。</em></blockquote></p><p> <em>TD Ameritrade<sup>®</sup> commentary for educational purposes only. Member SIPC.</em> <em>Options involve risks and are not suitable for all investors. Please read</em><em> </em><strong><em>Characteristics and Risks of Standardized Options</em></strong><em>.</em></p><p><blockquote><em>德美利证券<sup>®</sup>评论仅用于教育目的。SIPC成员。</em><em>期权涉及风险，并不适合所有投资者。请阅读</em><em></em><strong><em>标准化期权的特征和风险</em></strong><em>.</em></blockquote></p><p> Image by Gerd Altmann from Pixabay</p><p><blockquote>图片由 Gerd Altmann 提供，来自 Pixabay</blockquote></p><p> </body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alphabet Profitability Still Hidden In The Cloud As It Surges Past FAANG Toward Q2 Earnings<blockquote>Alphabet的盈利能力仍隐藏在云端，超过 FAANG，迈向第二季度盈利</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlphabet Profitability Still Hidden In The Cloud As It Surges Past FAANG Toward Q2 Earnings<blockquote>Alphabet的盈利能力仍隐藏在云端，超过 FAANG，迈向第二季度盈利</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-07-23 04:18</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><body><strong>Alphabet</strong> (NASDAQ:GOOGL) arguably hit it out of the park last quarter when it reported earnings that left analysts’ estimates in the dust.</p><p><blockquote><html><body><strong>Alphabet</strong>(纳斯达克股票代码：GOOGL）上个季度公布的财报让分析师的预期大打折扣。</body></html></blockquote></p><p> Overall revenue came in strong at $55.3 billion, up 34% year over year, with each business segment topping expectations by a wide margin except for <a href=\"https://laohu8.com/S/AONE.U\">one</a> that matched consensus. Jumping off its earnings performance, GOOGL shares currently stand 11% higher than they were entering last quarter’s reporting period.</p><p><blockquote>总收入强劲增长，达到 553 亿美元，同比增长 34%，除以下业务外，各业务部门均远远超出预期<a href=\"https://laohu8.com/S/AONE.U\">一</a>这符合共识。从盈利表现来看，GOOGL的股价目前比上一季度报告期高出 11%。</blockquote></p><p> Let’s take a step back for a moment. For a company whose $1 trillion market cap has only a handful of peers in the world, you have to wonder how much more growth is possible, especially considering that GOOGL seems to be in every global market, driving some part of every sector and every industry.</p><p><blockquote>让我们后退一步。对于一家市值达 1 万亿美元、在世界上只有少数同行的公司来说，你不得不怀疑还有多少增长是可能的，特别是考虑到GOOGL似乎存在于每个全球市场，推动着每个部门和每个行业的某些部分。</blockquote></p><p> Still, its appetite for growth and innovation is what seems to rejuvenate the 23-year old company. And its forward outlook in its earnings conference call, courtesy of CEO Sundar Pichai, could reflect the scope of the company’s present operations and future ambitions—literally and “virtually,” all over the map.</p><p><blockquote>尽管如此，它对增长和创新的渴望似乎让这家拥有 23 年历史的公司焕发了活力。由首席执行官桑达尔-皮查伊（Sundar Pichai）提供的财报电话会议中的前瞻性展望可以反映公司目前的业务范围和未来的雄心--从字面上和 “虚拟 ”的角度来看。</blockquote></p><p> <h2>Core Search Still Globally Uncontested</h2> Almost everyone in the world uses the term “Google″ as a verb synonymous with “online search.” This speaks to GOOGL’s dominance in the minds of online users—around 92% of all global search queries go through the Google search engine. </p><p><blockquote><h2>核心搜索在全球仍未受到挑战</h2>世界上几乎每个人都把 “谷歌 ”作为 “在线搜索 ”的同义词。这说明了GOOGL在网络用户心目中的主导地位--全球约 92% 的搜索查询都是通过谷歌搜索引擎完成的。</blockquote></p><p> Not surprisingly, the company has owned over 30% of the global online ad market share since at least 2016, according to Statista, and in the US, that figure is expected to rise to 56.8% this year.</p><p><blockquote>毫不奇怪，根据Statista的数据，至少自2016年以来，该公司已经拥有超过30%的全球在线广告市场份额，在美国，这一数字预计今年将升至56.8%。</blockquote></p><p> These are important stats, not only because ad revenue represents 82% of GOOGL’s total revenue—in other words, it pays the bills—but because it’s also what makes the company’s forays into other avenues of growth possible.</p><p><blockquote>这些都是重要的统计数据，不仅因为广告收入占GOOGL总收入的 82%--换句话说，它支付了账单--还因为这也是公司进军其他增长渠道的原因。</blockquote></p><p> As is often the case going into GOOGL earnings, ad revenue growth will likely be on investors’ minds. As earnings approach, the Street appears optimistic about GOOGL’s Q2 ad results. This could be in part due to a continued recovery in internet advertising that may be lifting more than one boat in the sector, Barron’s reported.</p><p><blockquote>与GOOGL财报的情况一样，广告收入的增长很可能会成为投资者关注的焦点。随着财报的临近，华尔街似乎对GOOGL第二季度的广告业绩持乐观态度。据《巴伦周刊》报道，这部分原因可能是互联网广告的持续复苏，这可能会提升该行业的不止一艘船。</blockquote></p><p> <img src=\"https://tickertapecdn.tdameritrade.com/assets/images/pages/md/google-earnings-210723.png\"/></p><p><blockquote></blockquote></p><p> <strong>FIGURE 1:</strong> <strong>TAKING A BITE OUT OF THE FAANG.</strong> Alphabet’s (GOOGL—purple line) shares are running ahead of the rest of the FAANGs ($NYFANG—candlestick) year to date. Data sources: Nasdaq, NYSE. Chart source: The thinkorswim® platform. <em>For illustrative purposes only. Past performance does not guarantee future results.</em></p><p><blockquote><strong>图1：</strong><strong>咬一口FAANG。</strong>今年迄今为止，Alphabet（GOOGL-紫线）的股价领先于其他 FAANG（$NYFANG-烛台）股票。数据来源：纳斯达克、纽约证券交易所。图表来源：The thinkorswim®平台。<em>仅用于说明目的。过去的表现并不能保证未来的结果。</em></blockquote></p><p> <h2>Quiet Dominance In The World Of Mobile Communications</h2> When you talk about <strong>Apple</strong> (NASDAQ:AAPL), it’s almost impossible not to talk about the iPhone. After all, doesn’t everyone virtually live by (or “in”) their mobile phones? We can’t say the same for Alphabet, whose Android phones are hardly ever discussed (even in the company’s recent earnings calls).</p><p><blockquote><h2>移动通信领域的悄然主导地位</h2>当你谈论<strong>苹果</strong>(纳斯达克股票代码：AAPL），几乎不可能不谈论 iPhone。毕竟，不是每个人实际上都靠手机生活吗？Alphabet的情况就不一样了，它的安卓手机几乎从未被讨论过（即使在该公司最近的财报评级上也是如此）。</blockquote></p><p> But here’s something to think about: While nearly 60% of all mobile customers in the U.S. prefer iPhones over Android, the latter dominates the global mobile market with a 72% market share, according to a report by Statcounter. What might that mean with regard to its OS-related Chrome or Chromebook adoption? Seamless OS access across related devices? </p><p><blockquote>但有一点值得思考： 根据 Statcounter 的一份报告，虽然美国近 60% 的移动用户更喜欢 iPhone 而不是 Android，但后者以 72% 的市场份额主导着全球移动市场。这对其操作系统相关的Chrome或Chromebook的采用意味着什么？跨相关设备的无缝操作系统访问？</blockquote></p><p> <h2>Cloud Still Lagging, But Gaining Momentum</h2> GOOGL’s cloud services still rank third behind <strong>Amazon</strong> (NASDAQ:AMZN) and <strong>Microsoft</strong> (NASDAQ:MSFT). But its command of over 7% global market share, reported by Canalys (April 2021), shouldn’t be underestimated, especially considering that the “cloud” is still a budding market.</p><p><blockquote><h2>云仍然滞后，但势头正在增强</h2>GOOGL的云服务仍排名第三<strong>亚马逊</strong>（纳斯达克股票代码：AMZN）和<strong>微软</strong>（纳斯达克股票代码：MSFT）但据 Canalys（2021 年 4 月）报告，其在全球市场份额超过 7%，不应被低估，尤其是考虑到 “云 ”仍是一个新兴市场。</blockquote></p><p> Last quarter’s $4 billion in cloud revenue revealed the strength and speed of GOOGL’s charge, exhibiting a solid 46% year-over-year growth. On the defensive side, the segment also proved capable of reducing its operating losses from $1.73 billion a year ago to only $1 billion last quarter.</p><p><blockquote>上一季度 40 亿美元的云收入显示了GOOGL的实力和速度，同比增长了 46%。在防御方面，该部门还被证明能够将运营亏损从一年前的 17.3 亿美元减少到上季度的仅 10 亿美元。</blockquote></p><p> Investors are likely to pay close attention to the Google Cloud revenue when the company reports Q2 earnings on July 27, after the close. Given the level of emphasis CEO Pichai places on the segment in nearly every earnings conference call, it’s hard not to suspect that GOOGL’s cloud services could help shape the company’s future profitability and market dominance.</p><p><blockquote>当该公司于 7 月 27 日收盘后公布第二季度收益时，投资者可能会密切关注谷歌云的收入。鉴于首席执行官皮查伊在几乎每次财报电话会议上都对这一领域给予了高度重视，很难不怀疑GOOGL的云服务有助于塑造公司未来的盈利能力和市场主导地位。</blockquote></p><p> <h2>Alphabet’s Acquisitions: A Critical Role In Growth?</h2> Last quarter, we saw GOOGL get a $4.75 billion boost in profit due to its startup acquisitions (though it didn’t specify which companies contributed to the gains). Still, expansion by way of acquisitions appears to be an active part of GOOGL’s growth mix, along with fellow peers MSFT and AMZN.</p><p><blockquote><h2>Alphabet的收购： 在增长中的关键作用？</h2>上一季度，我们看到GOOGL通过收购初创公司获得了 47.5 亿美元的利润增长（尽管它没有具体说明哪些公司为收益做出了贡献）。尽管如此，通过收购进行扩张似乎是GOOGL增长组合中的一个活跃组成部分，其他同行 MSFT 和 AMZN 也是如此。</blockquote></p><p></p><p> The company bought up over 160 companies in the last 10 years. But with a formidable free cash flow trailing $50.7 billion over a 12-month period, according to CFO Ruth Porat’s presentation in last quarter’s earnings call, the company may have a sizable amount of cash to expand its portfolio along innovative lines.</p><p><blockquote>该公司在过去10年中收购了160多家公司。但根据首席财务官露丝-波拉特（Ruth Porat）在上一季度财报看涨期权上的介绍，由于公司在 12 个月内的自由现金流高达 507 亿美元，该公司可能拥有大量现金来扩大其创新产品组合。</blockquote></p><p> <h2>Alphabet Leads Communications, Tech, And FAANG Year To Date</h2> According to FactSet, Communication Services and Information Technology are among the sectors holding the highest analyst ratings. GOOGL—a “tech” stock under the “communications” sector category—has surpassed both sectors and its FAANG peers in terms of market performance.</p><p><blockquote><h2>今年迄今为止，Alphabet在通信、技术和 FAANG 领域处于领先地位</h2>根据FactSet的数据，通信服务和信息技术是分析师评级最高的行业之一。GOOGL是 “通信 ”行业类别下的 “科技 ”股票，其市场表现超过了这两个行业及其 FAANG 同行。</blockquote></p><p> Year to date, GOOGL is up 46%, leaving behind Communications (20.69%), Tech (16.45%), and its peer FAANG components. Its closest peer, lagging by a wide margin, is MSFT (26.68%). Looking far ahead, CFRA analysts project a three-year compound annual growth rate of 24% driven by global ad spend, and, on a segment level, driven by search, YouTube, and cloud.</p><p><blockquote>今年迄今为止，GOOGL上涨了 46%，落后于通信 (20.69%)、科技 (16.45%) 及其同行 FAANG 组件。其最接近的同行是 MSFT（26.68%），远远落后。展望未来，CFRA 分析师预计，在全球广告支出的推动下，三年复合年增长率将达到 24%，在细分市场层面，在搜索、YouTube 和云计算的推动下。</blockquote></p><p> As for the current quarter, the company withheld providing revenue and earnings guidance.</p><p><blockquote>至于本季度，该公司暂停提供收入和盈利指引。</blockquote></p><p> <h2>Alphabet Earnings And Options Activity</h2> GOOGL is expected to report <strong>adjusted EPS of $19.21</strong>, up from $10.13 in the prior-year quarter, according to third-party consensus analyst estimates. <strong>Revenue is projected at $56.02 billion</strong>, up 46.3% from a year ago.</p><p><blockquote><h2>Alphabet收益和期权活动</h2>GOOGL预计将报告<strong>调整后每股收益为 19.21 美元</strong>根据第三方共识分析师的估计，高于去年同期的 10.13 美元。<strong>收入预计为 560.2 亿美元</strong>同比增长46.3%。</blockquote></p><p> Options traders have priced in an expected share price move of 3.2% in either direction around the earnings release. The implied volatility sits at the 25th percentile as of Thursday morning.</p><p><blockquote>期权交易员预计财报发布前后，股价双向波动 3.2%。截至周四上午，隐含波动率处于第 25 个百分位。</blockquote></p><p> Looking at the July 30 options expiration, call activity is spread out with higher activity at the 2600 strike while puts have been active at the 2490 and 2500 strikes. </p><p><blockquote>从 7 月 30 日期权到期日来看，看涨期权活动分布在 2600 点，活跃度较高，而看跌期权在 2490 点和 2500 点一直活跃。</blockquote></p><p> <em>Note: Call options represent the right, but not the obligation, to buy the underlying security at a predetermined price over a set period of time. Put options represent the right, but not the obligation, to sell the underlying security at a predetermined price over a set period of time.</em></p><p><blockquote><em>注：看涨期权期权代表在设定时间内以预定价格购买标的证券的权利，而不是义务。看跌期权代表在设定时间内以预定价格出售标的证券的权利，但不是义务。</em></blockquote></p><p> <em>TD Ameritrade<sup>®</sup> commentary for educational purposes only. Member SIPC.</em> <em>Options involve risks and are not suitable for all investors. Please read</em><em> </em><strong><em>Characteristics and Risks of Standardized Options</em></strong><em>.</em></p><p><blockquote><em>德美利证券<sup>®</sup>评论仅用于教育目的。SIPC成员。</em><em>期权涉及风险，并不适合所有投资者。请阅读</em><em></em><strong><em>标准化期权的特征和风险</em></strong><em>.</em></blockquote></p><p> Image by Gerd Altmann from Pixabay</p><p><blockquote>图片由 Gerd Altmann 提供，来自 Pixabay</blockquote></p><p> </body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软","QTWO":"Q2 Holdings Inc","GOOG":"谷歌","AMZN":"亚马逊","GOOGL":"谷歌A","AAPL":"苹果"},"source_url":"https://www.benzinga.com/news/earnings/21/07/22114197/alphabet-profitability-still-hidden-in-the-cloud-as-it-surges-past-faang-toward-q2-earnings","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153670721","content_text":"Alphabet (NASDAQ:GOOGL) arguably hit it out of the park last quarter when it reported earnings that left analysts’ estimates in the dust.\nOverall revenue came in strong at $55.3 billion, up 34% year over year, with each business segment topping expectations by a wide margin except for one that matched consensus. Jumping off its earnings performance, GOOGL shares currently stand 11% higher than they were entering last quarter’s reporting period.\nLet’s take a step back for a moment. For a company whose $1 trillion market cap has only a handful of peers in the world, you have to wonder how much more growth is possible, especially considering that GOOGL seems to be in every global market, driving some part of every sector and every industry.\nStill, its appetite for growth and innovation is what seems to rejuvenate the 23-year old company. And its forward outlook in its earnings conference call, courtesy of CEO Sundar Pichai, could reflect the scope of the company’s present operations and future ambitions—literally and “virtually,” all over the map.\nCore Search Still Globally Uncontested\nAlmost everyone in the world uses the term “Google″ as a verb synonymous with “online search.” This speaks to GOOGL’s dominance in the minds of online users—around 92% of all global search queries go through the Google search engine. \nNot surprisingly, the company has owned over 30% of the global online ad market share since at least 2016, according to Statista, and in the US, that figure is expected to rise to 56.8% this year.\nThese are important stats, not only because ad revenue represents 82% of GOOGL’s total revenue—in other words, it pays the bills—but because it’s also what makes the company’s forays into other avenues of growth possible.\nAs is often the case going into GOOGL earnings, ad revenue growth will likely be on investors’ minds. As earnings approach, the Street appears optimistic about GOOGL’s Q2 ad results. This could be in part due to a continued recovery in internet advertising that may be lifting more than one boat in the sector, Barron’s reported.\n\nFIGURE 1: TAKING A BITE OUT OF THE FAANG. Alphabet’s (GOOGL—purple line) shares are running ahead of the rest of the FAANGs ($NYFANG—candlestick) year to date. Data sources: Nasdaq, NYSE. Chart source: The thinkorswim® platform. For illustrative purposes only. Past performance does not guarantee future results.\nQuiet Dominance In The World Of Mobile Communications\nWhen you talk about Apple (NASDAQ:AAPL), it’s almost impossible not to talk about the iPhone. After all, doesn’t everyone virtually live by (or “in”) their mobile phones? We can’t say the same for Alphabet, whose Android phones are hardly ever discussed (even in the company’s recent earnings calls).\nBut here’s something to think about: While nearly 60% of all mobile customers in the U.S. prefer iPhones over Android, the latter dominates the global mobile market with a 72% market share, according to a report by Statcounter. What might that mean with regard to its OS-related Chrome or Chromebook adoption? Seamless OS access across related devices? \nCloud Still Lagging, But Gaining Momentum\nGOOGL’s cloud services still rank third behind Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT). But its command of over 7% global market share, reported by Canalys (April 2021), shouldn’t be underestimated, especially considering that the “cloud” is still a budding market.\nLast quarter’s $4 billion in cloud revenue revealed the strength and speed of GOOGL’s charge, exhibiting a solid 46% year-over-year growth. On the defensive side, the segment also proved capable of reducing its operating losses from $1.73 billion a year ago to only $1 billion last quarter.\nInvestors are likely to pay close attention to the Google Cloud revenue when the company reports Q2 earnings on July 27, after the close. Given the level of emphasis CEO Pichai places on the segment in nearly every earnings conference call, it’s hard not to suspect that GOOGL’s cloud services could help shape the company’s future profitability and market dominance.\nAlphabet’s Acquisitions: A Critical Role In Growth?\nLast quarter, we saw GOOGL get a $4.75 billion boost in profit due to its startup acquisitions (though it didn’t specify which companies contributed to the gains). Still, expansion by way of acquisitions appears to be an active part of GOOGL’s growth mix, along with fellow peers MSFT and AMZN.\nThe company bought up over 160 companies in the last 10 years. But with a formidable free cash flow trailing $50.7 billion over a 12-month period, according to CFO Ruth Porat’s presentation in last quarter’s earnings call, the company may have a sizable amount of cash to expand its portfolio along innovative lines.\nAlphabet Leads Communications, Tech, And FAANG Year To Date\nAccording to FactSet, Communication Services and Information Technology are among the sectors holding the highest analyst ratings. GOOGL—a “tech” stock under the “communications” sector category—has surpassed both sectors and its FAANG peers in terms of market performance.\nYear to date, GOOGL is up 46%, leaving behind Communications (20.69%), Tech (16.45%), and its peer FAANG components. Its closest peer, lagging by a wide margin, is MSFT (26.68%). Looking far ahead, CFRA analysts project a three-year compound annual growth rate of 24% driven by global ad spend, and, on a segment level, driven by search, YouTube, and cloud.\nAs for the current quarter, the company withheld providing revenue and earnings guidance.\nAlphabet Earnings And Options Activity\nGOOGL is expected to report adjusted EPS of $19.21, up from $10.13 in the prior-year quarter, according to third-party consensus analyst estimates. Revenue is projected at $56.02 billion, up 46.3% from a year ago.\nOptions traders have priced in an expected share price move of 3.2% in either direction around the earnings release. The implied volatility sits at the 25th percentile as of Thursday morning.\nLooking at the July 30 options expiration, call activity is spread out with higher activity at the 2600 strike while puts have been active at the 2490 and 2500 strikes. \nNote: Call options represent the right, but not the obligation, to buy the underlying security at a predetermined price over a set period of time. Put options represent the right, but not the obligation, to sell the underlying security at a predetermined price over a set period of time.\nTD Ameritrade® commentary for educational purposes only. Member SIPC. Options involve risks and are not suitable for all investors. 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