Google parent Alphabet于星期三下午报告其Q3财务结果，显示7月至9月的收入健康上升。 但公司股价暴跌，是历史上收入下降幅度最大的公司之一。 包括公司承认AI搜索收入不如有机搜索，尽管如此，Google预计明年会在AI上花费更多资金。
公司以Q3 2026收受近1,280亿美元，净收入超过260亿美元。 这些数字可能听起来不错，但金融市场并不令人印象深刻。 虽然收入比去年增加了25%，但净收入却减少了近90亿美元。 股价下跌了近12%
虽然收入逐年增加25%，但分析人员预期会增加。 Google报告每股收入为2.12美元，但周三之前的共识预测为3.02美元。 Google的"云"产品实际上超过了预期，超过300亿美元的收入。 这比分析师猜想的要多十亿。
Google仍在赚大钱，但出现了几个令人不安的趋势。 公司的最后几年一直围绕AI，基因技术出现在从Gmail到Android的产品中。 最值得注意的是，Google正在转向由Gemini型号供电的AI搜索平台。
首席商务官Philipp Schindler在收入呼吁中讨论了公司的搜索量。 这是Google追踪自身性能的关键衡量标准之一。 在最后一个季度，Google的搜索量比去年增长了12%。 对公司有好处吧？除了这个，问题2的增长为17%，问题1比2025年增长19%。 搜索收入在Q3中也是平的。
这是第一个问题，可能更多消费者利用AI聊天机寻找答案。 另一个问题是Google接受AI搜索，根据Schindler的说法，每个AI Mode查询的收入比类似的网络搜索要少——广告较少，运行成本也较低。
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Google parent Alphabet reported its Q3 financial results on Wednesday afternoon, showing a healthy rise in revenue for the months of July to September. But the company’s stock price has taken a beating, marking one of the largest post-earnings drops in its history. It comes down to several troubling aspects of the new report, including an admission by the company that AI search isn’t earning as much as organic search, and despite that, Google expects to spend even more on AI next year.
The company took in almost $128 billion in Q3 2026, earning more than $26 billion in net income. These may sound like good numbers, but financial markets are not impressed. While revenue is up 25 percent versus last year, net income is almost $9 billion lower. As of this story’s publication, the stock price is down almost 12 percent, and it was down about 13 percent earlier in the day.
While revenue was up 25 percent year over year, analysts expected more. Google reported earnings per share of $2.12, but the consensus projection ahead of Wednesday was $3.02. Google’s Cloud products actually beat expectations, crossing $30 billion in revenue. That’s about a billion more than analyst guesses.
Google is still making a huge amount of money, but there are several troubling trends emerging. The last few years at the company have been all about AI, with generative technology appearing in products from Gmail to Android. Most notably, Google is shifting to an AI search platform powered by Gemini models.
During the earnings call, Chief Business Officer Philipp Schindler discussed the company’s search volume. This is one of the key metrics by which Google tracks its own performance. In the last quarter, Google saw search grow by 12 percent versus last year. Good for the company, right? Except that’s a much slower rate than previous quarters. Growth in Q2 was 17 percent, and Q1 saw 19 percent growth over 2025. Search revenue was also flat in Q3.
So that’s the first problem, likely driven by more consumers using AI chatbots to find answers. The other issue is that Google’s take on AI search isn’t pulling in revenue like standard web search yet. According to Schindler, each AI Mode query earns less revenue compared to a similar web search—there are fewer ads, and they cost less to run.
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