Gelonghui, November 1 | UBS issued a report stating that part of the benefits Alphabet shareholders have gained from new capital expenditures are reflected in the significant growth of search business revenue. It is estimated that Alphabet will increase its search business revenue by approximately US $24 billion this year. Compared with US $13 billion in 2023 and US $15 billion in 2022, it is mainly driven by innovative measures such as Performance Max. In addition, Alphabet's cloud business revenue growth in the third quarter also increased significantly. The bank expects cloud business revenue to increase by approximately US $10 billion for the whole year, compared with approximately US $7 billion in 2022 and 2023. The current cloud business The growth rate has surpassed the growth rate of YouTube. The bank believes that the above factors will help Alphabet solve problems related to capital expenditure and return on investment, but the company's regulatory issues and concerns about the prospect of market share loss in the most important business unit may inhibit the company's growth. The bank raised Alphabet's 2025 and 2026 earnings per share forecasts by about 3%, raised its target price from US $187 to US $192, and maintained a "neutral" rating.
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