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Alphabet Q2/2023
Puike cijfers bij #Alphabet Q2/2023. Boven verwachting, zowel omzet als EPS. Nabeurs +6%.
– Omzetgroei (jaar over jaar) 9% valutaneutraal naar $74,6 miljard. Er werd op $72,82 gerekend door analisten.
– Operationele marge steeg naar 29% (28% in 2022).
– EPS groeide met 19% tot $1.44. Er werd gerekend op $1,34.
– FCF van $21.8 miljard. Capex $6,8 miljard vooral servercapaciteit en AI-computing.
– $118 miljard in cash en beleggingen.
Inmiddels worden 15 producten van Alphabet gebruikt door een half miljard mensen en 6 producten door meer dan 2 miljard.
Google services (search/youtube/network) steeg 5,5% naar $66,2 miljard en nog steeds grootste bijdrager van de omzet. Adverteerders zijn terughoudend om dure advertentiedollars uit te geven op andere/kleinere platformen die hun nut nog niet hebben bewezen.
Cloud groeide met 28% tot $8,1 miljard tegenover $7,75 miljard verwacht (Microsoft Azure groeide 26%). Cloud gaat dus nog steeds hard. Winst van $395 miljoen, marge van 5%. (veel interesse van klanten in de AI-infrastructuur van cloud)
Shorts ken inmiddels 2 miljard maandelijkse geregistreerde gebruikers tegenover 1,5 miljard een jaar eerder.
Ruth Porat, CFO sinds 2015, treedt af en gaat andere rol vervullen binnen het bedrijf (Other bets).
Veel AI-comments in de call. 80% van de adverteerders gebruikt minstens één AI-gedreven zoekproduct. Alphabet gaat AI implementeren in Gmail, Photo’s, Android.
Enkele vragen en antwoorden uit de earnings call:
Analist: “Sundar, I’d be curious to learn about some of your early learnings and surprises around consumer behavior on how people are using Bard versus Search. And what new behaviors or consumer utility are you most excited about as you think about what Gemini could provide for people over the course of the next year or so?”
CEO Sundar Pichai: “It’s definitely early days, but both across Bard and Search Generative Experience, feedback has been very positive from our users. I think we are definitely now able to serve, I would say, deeper and broader information use cases, which is very exciting. I wouldn’t say surprised. So for example, people are really using it to — for coding, something we understood, but it’s definitely on the new side. There’s a lot of excitement around — we integrated Google Lens into Bard. We have known how big Google Lens can be. We see that in the visual searches we get and how much it has grown over the last two years, and so we’ve been doing this for a while. But definitely, that, in Bard, has been super well received. So which gives me a sense that as — given Gemini is being built from the ground up to be multimodal, I think that’s an area that’s going to excite users. When I go back many years ago when we did universal search, whenever, for users, we can abstract different content types and put them in a seamless way, they tend to receive it well. And so I’m definitely excited about what’s ahead.”
Analist: “Curious, how do you think about timing for more broadly integrating generative AI into Search? And more specifically, what are some of the things you’ll need to see to do that?”
Pichai: “Look, on the Search Generative Experience, we definitely wanted to make sure we’re thinking deeply from first principles. While it’s exciting new technology, we’ve constantly been bringing in AI innovations into Search for the past few years, and this is the next step in that journey. But it is a big change, so we thought about from first principles. It really gives us a chance to now not always be constrained in the way Search was working before, allowed us to think outside the box. And I see that play out in the Experience. So I would say we are ahead of where I thought we’d be at this point in time. The feedback has been very positive. We’ve just improved our efficiency pretty dramatically since the product launch. The latency has improved significantly. We are keeping a very high bar, and — but I would say we are ahead on all the metrics in terms of how we look at it internally and so couldn’t be more pleased with it. And so you will see us continue to bring it to more and more users. And over time, this will just be how Search works. And so while it’s — we are taking deliberate steps, we are building the next major evolution in Search, and I’m pleased with how it’s going so far.”
Analist: “Just ask about the Cloud. It really looks like revenue growth stabilized despite optimization. So could you talk about the pipeline and the client wins in the quarter, how you felt about those? And then any uptick are you seeing related to AI spending in the total revenues this quarter or in the second half? Thank you.”
Pichai: “Thanks, Justin. Okay. It is an exciting moment overall in Cloud because there is definitely a lot of interest from customers on AI, and they definitely are engaging in many more conversations with us. So I would say, without commenting on the short term, but when I think about it long term, I view the AI opportunity as expanding our total addressable market and allows us to win new customers. Scale of investments that we can directly bring to cloud now. As I said earlier, we have over 80 models across Vertex, Enterprise Search and Conversational AI, and we are taking all of them, translating it into deep industry solutions. So, I’m excited about it.”
Analist: “Sundar, I think you spent over $100 billion on R&D over the past five years, and yet there’s a narrative that it’s so competitive and so expensive to compete going forward. Can you talk a bit about how you’re visiting that R&D spend? Any near-term cadence updates you can give us for growth? And any factors that could change the growth going forward for research and development spending for you guys? Thanks.”
Pichai: “Look, maybe I can comment on the — how we think about R&D. And look, if anything, I think two things. We are always committed to driving deep computer science research and innovation. That’s the foundation on which the Company is built. And taking that and applying it and building new products and services and generating value is the virtuous cycle. And nothing changes in that fundamental thesis.
We are definitely, both — as Ruth mentioned, on AI investments, we are going to be committed to making sure we invest to realize the opportunity. But all the work we are doing on efficiency and optimization applies to — on the AI side as well. And so we’re bringing all that lens there so that we do this responsibly. But no overall changes in our philosophy or approach there. And maybe I’ll let Philipp comment on the overall market dynamics.”
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