Alphabet (GOOGL, Buy, $210 target) First Take: Solid all around, especially Cloud and Margins
What’s New: In this first take following tonight’s results, we touch on:1. Search and Other growth continues to show broad-based strength
2. Cloud revenue growth well ahead on generative AI and core
3. Margins significantly outpace estimates
4. 4Q Capex guide inline but wide 2025 comments leave substantial room for more spend
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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