AI 越猛越亏钱，谷歌财报给出答案！营收涨 25% 股价却崩 9%？谷歌单季烧出 90 亿美元窟窿

Alphabet 三季度营收 1276 亿美元仍不及预期，净利润跌近四分之一，自由现金流连续两季为负，盘后股价跌近 9%。

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原文：Google Quarterly Revenue Grows 25% But Falls Short of ExpectationsGoogle’s cloud sales surged in the latest quarter but overall revenue at parent Alphabet grew a slower-than-expected 25% to $127.6 billion, disappointing investors. Operating profit rose in the third quarter, but net profit declined by nearly a quarter to $26.2 billion, well below analysts’ estimates according to S&P Capital IQ. Alphabet’s shares fell by nearly 9% in after hours trading. Google Cloud revenue in the third quarter more than doubled from a year earlier to $30.7 billion, powered by demand from AI customers, the company said Wednesday. Sales of its tensor processing unit AI chips also meaningfully contributed to growth, it said. The Information on Monday reported that Google had struck a deal to sell its TPUs to OpenAI—the same day Google announced a deal with Oracle for it to offer the AI chips. Last quarter, Google Chief Executive Sundar Pichai said that Google expects the “vast majority” of TPU revenues to be realized in 2027. Google’s services business—its largest, which includes its core search advertising operation—grew less than 11% in the quarter, its slowest rate since the first quarter of last year. Reflecting Google’s enormous spending on AI data centers, the company reported negative free cash flow of more than $9 billion. That marked its second straight quarter of negative cash flow, and was a big increase in the deficit from the negative $5.9 billion for the previous quarter. Earlier today, Google released its latest model, Gemini 4 Carbon, which it said was significantly more capable than its previous model, Argon, released less than a month ago.