Alphabet (GOOGL) 3분기 실적 발표에서는 AI 성장세와 함께 비용 지출 부담 확대가 주요 쟁점으로 제시됐다.

Alphabet Inc. (GOOGL) emphasized accelerating artificial intelligence (AI) adoption, surging cloud demand and expanding AI monetization on its third-quarter 2026 earnings call. Management highlighted record Google Cloud growth while addressing infrastructure investments and mounting pressure on free cash flow.

Alphabet reported earnings of $2.12 per share, missing the Zacks Consensus Estimate of $2.94. Net revenues of $111.21 billion also fell short of the estimate of $111.8 billion.

Google Cloud revenues surged 103% year over year to $30.7 billion, driven by enterprise AI infrastructure, AI solutions and core cloud services. TPU system sales also contributed meaningfully. Thomas Kurian, CEO of Google Cloud, highlighted enterprise adoption, noting that nearly 90% of Fortune 100 companies use Gemini Enterprise. Cloud backlog reached $561 billion, and management expects to recognize just over 55% of it as revenue within 24 months.

During the Q&A, a Bernstein analyst questioned underlying cloud growth excluding TPU sales. Kurian maintained that demand remained strong across cloud services and AI products, although capacity constraints continued to limit potential growth.

CEO Sundar Pichai emphasized expanding TPU distribution as part of Alphabet's broader AI infrastructure strategy. The company is increasingly offering complete TPU systems to customers operating their own data centers. Kurian highlighted partnerships involving Oracle and Crux AI, alongside growing demand from AI laboratories, financial institutions and enterprises.

A Barclays analyst questioned TPU profitability and capital intensity. CFO Anat Ashkenazi explained that Alphabet builds inventory against signed customer contracts before recognizing revenue. Kurian added that external deployments broaden distribution while reducing the need for Alphabet-owned facilities.

Ashkenazi reaffirmed Alphabet's 2026 capital expenditure guidance of $195 billion to $205 billion and expects capital expenditures to increase significantly in 2027. Third-quarter capital expenditures reached $51.4 billion, contributing to negative free cash flow of $9.1 billion. Management identified infrastructure investment, TPU inventory accumulation and a European Commission fine payment as contributing factors.

Ashkenazi expects higher depreciation and data center operating costs to pressure profitability. Nevertheless, she reiterated expectations for attractive returns on invested capital, supported by monetization opportunities across Alphabet's businesses.

Google Search and other advertising revenues rose 12% to $63.3 billion. Pichai highlighted the fastest year-over-year Search query growth in five years, supported by AI-powered experiences. During the Q&A, a JPMorgan analyst questioned the divergence between accelerating query growth and slower advertising revenue growth. Philipp Schindler, Google's chief business officer, attributed the deceleration primarily to foreign exchange effects, advertising dynamics and lower AI Mode monetization. He explained that Alphabet is expanding advertising within AI Overviews and AI Mode, including in international markets. Management remains focused on improving monetization while maintaining user engagement.

Pichai highlighted that the Gemini app has reached 1 billion users and that adoption of the Gemini 4 model family is increasing. First-party model APIs processed nearly 32 billion tokens per minute. Schindler outlined commercial opportunities through the Universal Commerce Protocol and Universal Cart, designed to facilitate purchases and support retailer relationships. During the Q&A, a Bank of America analyst asked whether agentic commerce could disrupt traditional Search monetization. Schindler described agentic experiences as additive, emphasizing advertising opportunities within product discovery and purchasing decisions.

Ashkenazi expects stronger foreign exchange headwinds in the fourth quarter, particularly affecting Search and YouTube advertising. Tougher year-over-year comparisons will also pressure Search growth. Google Cloud margins face near-term pressure as Alphabet increases its reliance on third-party computing capacity.

Management maintained its emphasis on expanding AI infrastructure, improving monetization and allocating capital through a disciplined long-term framework despite near-term cash flow pressures.

Alphabet currently carries a Zacks Rank #3 (Hold), indicating a neutral near-term outlook. Its Value Score of C reflects middle-tier valuation characteristics, while its Growth and Momentum Scores of D indicate relatively unfavorable characteristics under those investment styles. Its VGM Score of D reflects a weaker combination of value, growth and momentum characteristics. Zacks generally favors stocks with a Zacks Rank #1 or #2 (Buy) alongside Style Scores of A or B.