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<Research> Citi: Alphabet Inc. (GOOGL.US) 1Q Results Beat; Raises TP to USD447
Citi published a research report stating that Alphabet Inc. (GOOGL.US) delivered 1Q results that beat expectations, driven by Search and Cloud businesses. During the period, total ...
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<Research> Citi: Alphabet Inc. (GOOGL.US) 1Q Results Beat; Raises TP to USD447
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Citi published a research report stating that Alphabet Inc. (GOOGL.US)      delivered 1Q results that beat expectations, driven by Search and Cloud businesses. During the period, total revenue reached USD109.9 billion, representing YoY growth of 19%, about 3% above market expectations. Search and other revenue amounted to USD60.4 billion, up 19.1% YoY; Google Cloud revenue was USD20 billion, surging 63.4% YoY, with growth accelerating further from 48% in 4QFY2025. Operating profit totaled USD39.7 billion, around 10% above market expectations.

Regarding the Cloud business, the bank noted that paid monthly active users of Gemini Enterprise grew 40% QoQ. More importantly, Cloud backlog nearly doubled QoQ, indicating that Google has begun offering TPUs externally, which is expected to create an important new revenue stream. The bank also believes Google can continue to attract incremental advertising budgets. It reiterated its Buy rating and raised the TP from USD405 to USD447. (ec/j)(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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