谷歌云单季营收突破 200 亿美元，Alphabet 全线超预期，盘后飙涨 7%

marsbitPublicado a 2026-04-30Actualizado a 2026-04-30

作者:克洛德,深潮 TechFlow

深潮导读:Alphabet 一季度营收 1099 亿美元,同比增长 22%,全线超出华尔街预期。谷歌云业务以 63%的增速首次突破 200 亿美元大关,积压订单在一个季度内近乎翻倍至 4620 亿美元。CEO 皮查伊坦言公司「算力受限」,云收入本可更高。全年资本开支上调至最高 1900 亿美元,盘后股价飙涨约 7%,在同日财报的科技巨头中一枝独秀。

谷歌母公司 Alphabet 交出了一份让华尔街难以挑剔的一季度成绩单。

据 CNBC 4 月 29 日报道,Alphabet 一季度营收 1099 亿美元,同比增长 22%,超出华尔街预期的 1072 亿美元。每股收益 5.11 美元,远超 FactSet 分析师共识预期的 2.63 美元。盘后股价飙涨约 7%。

但真正点燃市场情绪的,是谷歌云业务的爆发性增长。谷歌云一季度收入 200.3 亿美元,同比增长 63%,远超华尔街预期的 180.5 亿美元。CEO 桑达尔·皮查伊在财报电话会上直言:「我们短期内受到算力约束,如果能满足需求,云收入本可以更高。」

谷歌云 63%增速碾压同行,积压订单季度翻倍

谷歌云的表现堪称本季科技财报中最亮眼的数字。

200.3 亿美元的季度收入较去年同期的 122.6 亿美元增长 63%,增速较四季度的 48%大幅加快。云业务运营利润从去年同期的 22 亿美元跃升至 66 亿美元,运营利润率从 17.8%扩大至 32.9%。

更令市场兴奋的是积压订单的规模。CFO 阿纳特·阿什克纳齐(Anat Ashkenazi)披露,云业务积压订单达 4620 亿美元,较上季度近乎翻倍。她表示预计超过 50%的积压订单将在未来 24 个月内转化为收入。

推动这一增长的核心引擎是 AI。皮查伊表示,「企业 AI 解决方案在一季度首次成为云业务的主要增长驱动力。」基于自研生成式 AI 模型的产品收入同比增长近 800%。皮查伊透露,1 亿至 10 亿美元级别的交易数量同比翻倍,并签下了多笔超过 10 亿美元的订单。

在云计算市场格局中,据 Synergy Research Group 数据,一季度 AWS 以约 30%的份额居首,Azure 以 25%紧随其后,谷歌云以 13%的份额排第三。但谷歌云 63%的增速远超 AWS 的 19%,正在加速缩小与前两名的差距。

净利润翻倍的「含金量」:369 亿美元来自投资浮盈

财报中最引人注目也最需要打星号的数字,是净利润。

一季度净利润 626 亿美元,同比增长 81%,每股收益 5.11 美元,同比增长 82%。这一数字远超分析师预期的 2.63 美元。

但其中水分不小。据 Alphabet 一季度 8-K 文件,净利润包含了 369 亿美元的股权证券收益(主要为非上市公司股权投资的未实现增值),其中 287 亿美元计入净利润,贡献了每股 2.35 美元。剔除这笔投资浮盈后,经营层面的业绩依然强劲,但不至于像标题数字暗示的那样夸张。

经营利润层面更为扎实:一季度合并运营利润 397 亿美元,同比增长 30%,运营利润率扩大两个百分点至 36.1%。

资本开支再加码,全年上调至最高 1900 亿美元

Alphabet 在 AI 基础设施上的投入继续加速。

一季度资本开支达 357 亿美元,是去年同期 172 亿美元的两倍多。全年资本开支指引从此前的 1750 亿至 1850 亿美元上调至 1800 亿至 1900 亿美元,上调部分主要反映 3 月完成的 Intersect 数据中心收购。阿什克纳齐还表示,2027 年资本开支预计将「显著高于」2026 年。

本季约 60%的技术基础设施投资用于服务器,40%用于数据中心和网络设备。阿什克纳齐将支出理由归结为「前所未有的内外部 AI 算力需求」。

与同日发布财报的 Meta 形成鲜明对比:据 Fortune 报道,Meta 将资本开支上调至 1250 亿至 1450 亿美元,但股价盘后跌逾 6%。Alphabet 盘后涨约 7%,市场对两家公司 AI 投入回报前景的判断截然不同。

搜索广告稳健增长,YouTube 略低于预期

谷歌的传统摇钱树表现依然扎实。

谷歌广告总收入 772.5 亿美元,同比增长 15.5%。其中搜索及其他广告收入 604 亿美元,同比增长 19%,主要受零售和金融服务行业驱动。

YouTube 广告收入是本季少有的小瑕疵:录得 98.8 亿美元,同比增长 11%,略低于分析师预期的 99.9 亿美元。

订阅业务的势头值得留意。Alphabet 目前拥有 3.5 亿付费订阅用户,YouTube Music、Premium 和 Google One 为核心贡献者。订阅平台及设备收入 124 亿美元,同比增长 19%。

Wiz 并购落地,Waymo 里程碑,Gemini 渗透加速

Alphabet 在 AI 和自动驾驶领域的棋局正在同步推进。

云安全平台 Wiz 的收购于 3 月正式完成,将纳入谷歌云分部核算。但该收购预计将对 2026 年剩余时间谷歌云的运营利润率构成「低个位数百分点」的拖累。

AI 产品渗透继续加速。Gemini 企业版付费月活跃用户环比增长 40%,自研模型每分钟处理超过 160 亿个 token,较上季度增长 60%。Gemini App 月活用户已达 7.5 亿。

自动驾驶子公司 Waymo 也迎来关键节点。Waymo 每周完成超过 50 万次全自动驾驶出行,已在美国 11 个主要城市运营。今年 2 月,Waymo 完成了 160 亿美元的外部融资,估值达 1260 亿美元。

此外,Alphabet 宣布将季度股息上调 5%至每股 0.22 美元。

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