Google Parent Alphabet's Q2 Expected To Shine With AI, YouTube Shorts, Cloud Strength: Analyst
Google Parent Alphabet's Q2 Expected To Shine With AI, YouTube Shorts, Cloud Strength: Analyst
Bank of America Securities analyst Justin Post maintained Alphabet Inc (NASDAQ:GOOGL) with a Buy and raised the price target from $200 to $206.
美国银行证券分析师Justin Post维持对alphabet inc（纳斯达克:GOOGL）的买入评级，将价格目标从$200上调至$206。
Alphabet is the first in the online media group to report on July 23, and Post expects results to set a positive backdrop for the group.
alphabet是在线媒体集团中第一个在7月23日公布业绩报告的公司，Post预计其业绩将为该集团创造积极的背景。
The analyst slightly raised his Search estimates to 12% year-on-year (versus 11% prior) and now expects second-quarter revenue and EPS of $70.9 billion and $1.91 vs Street at $70.6 billion and $1.84.
分析师将搜索收入的预期轻微上调至12%，同比增长（而非之前的11%），现预计第二季度的营业收入为709亿美元，每股收益为1.91美元，而华尔街则是706亿美元和1.84美元。
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Post noted upside to Street estimates as his checks suggest AI integrations driving higher usage and ad Click-Through Rates (CTRs), Search revenue stability aided by improving macro and AI-driven ad spend, and YouTube strength from ramping Shorts monetization and less-than-expected headwinds from Prime Video.
Post指出，根据他的调查，人工智能融合带来了更高的用量和点击率，搜索收入稳定受到营销和人工智能投放的帮助，Youtube强势表现得益于新功能的推广，且受到Prime Video影响较小。这些转变都使得华尔街的收益预期有所提升。
Post expects flat Y/Y headcount growth (up 1,500 Q/Q) with ongoing restructuring aiding costs.
Post预计员工增长率持平（季度环比增加1500人），并且持续的重组举措有助于降低成本。
The analyst expects $22.7 billion in operating expenditures and core margins to increase 183bps Y/Y to 37.2%. Post also expects higher other income to help drive EPS upside (NASDAQ up 8% in the second quarter).
分析师预计运营支出为227亿美元，核心利润率同比增长183个基点至37.2%。 Post还预计较高的其他收益将有助于推动每股收益上涨（第二季度纳斯达克上涨8%）。
According to Post, second-quarter positives include Search upside, positive commentary on AI overviews driving higher usage & CTRs, Shorts driving higher traffic & revenue upside, and Cloud strength as IT dollars shift toward AI.
据Post称，第二季度的亮点包括搜索营收增长，积极的智能概述，推动更高的用量和点击率，短视频推动更高的流量和营收增长，以及云服务的强劲表现。
Post remains optimistic about growing AI integrations across Google's ecosystem and noted that a broader rollout of AI overviews will help drive higher activity in the core Search business.
Post对Google生态系统中增长的人工智能融合持乐观态度，并指出智能概述的广泛推广将有助于推动核心搜索业务的活跃度提高。
AI use poses a long-term competitive risk, but in the near term, he noted revenue upside from AI-driven monetization improvements will be a critical second-quarter takeaway.
人工智能的应用带来了长期的竞争风险，但在短期内，他注意到人工智能驱动的营销改进将是第二季度的一个重要亮点。
Moreover, focusing on expense management, Post noted that Y/Y margin growth in 2024 will be a bright spot and potential EPS upside driver.
此外，Post关注于费用管理，预计2024年的利润率同比增长将成为看点和可能产生每股盈利的一个因素。
Given the market multiple expansion (lower rates), the analyst raised his price target.
考虑到市场倍数的扩张（低利率），分析师提高了他的价格目标。
Price Action: GOOGL shares are trading lower by 2.02% at $180.25 at last check Wednesday.
GOOGL股票在周三的最后交易时段下跌2.02%，报收于180.25美元。
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