Another strong quarter, TAC headwinds easing
Another quarter of strong revenue growth combined with easing TAC headwinds to deliver op profit upside, despite ongoing aggressive investment across the business. Primarily directed towards AI, these investments are resulting in greater than anticipated longevity in the core advertising business while also creating new opportunities, including autonomous vehicles and, potentially, cloud. We remain Overweight and lift our YE18 PT to $1,350 from $1,250.Alphabet is a holding company. Through its subsidiaries, the company is engaged in a collection of businesses, which its primary business is Google. The company reports all non-Google businesses collectively as Other Bets. Google's main products and platforms are Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube. The company also provides advertisers with tools that help them attribute and measure their advertising campaigns. In addition, Other Bets includes Access, Calico, CapitalG, GV, Verily, Waymo, and X, among others. Other Bets primarily engages in the sales of internet and TV services through Access as well as licensing and research and development services through Verily.
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