> 数据图表怎样理解1.2 谷歌：25Q1云收入不及预期，25Q1利润端均超预期2025-5-21.2 谷歌：25Q1云收入不及预期，25Q1利润端均超预期 25Q1实际业绩 VS 25Q1市场预期：1）收入端符合预期：25Q1公司实现营收902亿美元，yoy+12%，高于市场预期的891亿美元，主要得益于谷歌服务业务表现稳健，但云业务收入略低于市场预期。2）利润端大超预期：25Q1公司毛利润/营业利润/净利润分别实现539/306/345亿美元，对应利润率分别为60%/34%/38%，均高于市场预期，其中，净利润大幅增长主要得益于投资收益。 25Q2公司暂无具体业绩指引。25Q1谷歌实际业绩与市场预期对比资料来源：公司公告，公司业绩会，彭博，西南证券整理7财年（单位：亿美元） FY21Q1 FY21Q2 FY21Q3 FY21Q4 FY22Q1 FY22Q2 FY22Q3 FY22Q4 FY23Q1 FY23Q2 FY23Q3 FY23Q4 FY24Q1 FY24Q2 FY24Q3 FY24Q4FY25Q1 (A)25Q1 (A)90212%53915%60%30620%34%34546%38%77310%86%42%12328%14%18%4.5-9%0%17243%20%FY25Q1(E) 超预期（beat）/不及预期（miss）25Q1(E)89111%51811%58%28713%32%2474%28%7638%86%40%12329%14%16%4.7-5%1%17142%20%beatbeatbeatbeatbeatbeatbeatbeatbeatbeatbeatbeatbeatbeatbeatmissmissmissbeatmissmissmissbeatbeatbeat对应自然年总收入毛利润yoyyoy毛利率经营利润yoy经营利润率净利润yoy净利润率谷歌服务yoy收入占比经营利润率谷歌云yoy收入占比经营利润率其他投资yoy收入占比资本开支yoyqoq13920617118217421821955919421035737523725549251818518920119516416046848739638442343524Q496522Q269722Q168021Q475321Q365121Q261924Q388324Q284724Q180523Q486323Q376723Q16983%3922%22Q47601%407-4%23Q222Q321Q17465536917% 11% 13% 15% 14% 15% 12%34% 62% 41% 32% 23% 13% 6%42731237941% 81% 50% 37% 23% 11% 1%8% 15% 20% 20% 15% 19% 15%56% 58% 58% 56% 56% 57% 55% 54% 56% 57% 57% 56% 58% 58% 59% 58%164106% 203% 88% 40% 22% 0% -19% -17% -13% 12% 25% 30% 46% 26% 34% 31%30% 31% 32% 29% 30% 28% 25% 24% 25% 29% 28% 27% 32% 32% 32% 32%179162% 166% 68% 36% -8% -14% -27% -34% -8% 15% 42% 52% 57% 29% 34% 28%32% 30% 29% 27% 24% 23% 20% 18% 22% 25% 26% 24% 29% 28% 30% 28%66351261434% 63% 41% 31% 20% 10% 2%5% 11% 12% 14% 12% 13% 10%93% 92% 92% 92% 90% 90% 89% 89% 89% 89% 89% 88% 87% 87% 87% 87%38% 39% 40% 37% 37% 36% 32% 31% 35% 35% 35% 35% 40% 40% 40% 39%4046% 54% 45% 45% 44% 36% 38% 32% 28% 28% 22% 26% 28% 29% 35% 30%9% 10% 10% 11% 11% 11% 11% 12% 12% 13% 12%7%9% 11% 17% 18%5.0678-2%6201%7%8%7%9%2131976801.9-24% -13% -13% -16% -12% -9% -6% -3%2.01.847% 30% 2%0%0%5968-1% -1% 26% 16% 65% 24% 7% 19% -36% 1% 12% 45% 91% 91% 60% 30%8%9%1.8-8% 122% 1% 15% 25% -35% 48% 42% 191% 72% 28% 31% -39%0%644% -17% 10% 19% 34% 9% 10% -1%-8% 24% -6% 53% -30% 7%1%1200%1311%1100%1320%1433%3.03%2.95%2.99%6.60%550%821%980%680%730%760%630%693.73.94.04.41.92.12.3615628207237236263763704739765103114136151571599274285849231055586346506973758018426584112069496西南证券科技传媒
