Alphabet(GOOGL.O)The earnings call will be held after the close of U.S. stocks this Thursday, but investors may not be able to get all the answers from it.

Since it is too early to assess the impact of tariffs or macroeconomic uncertainty,AlphabetThere has been no clear financial guidance given, and the market's expectations for this conference call are relatively low.

Despite this, this financial report will still provide investors with a“Business physical examination report”, help evaluate search business,YouTubeandGoogle Cloudand other major sectors.

Financial data overview

Alphabet（GOOGL) The stock price has fallen since the beginning of this year17%, compared with past performance, the current valuation is relatively low. The stock future12The estimated monthly price-to-earnings ratio is17Time, and the past10The annual average is22Doubled.

Wall Street expects itEarnings per share for the first quarter were2.01Dollar,Compared with the same period last year1.89US dollar growth;Revenue expectations are892$100 million, also higher than the same period last year805$100 million.

FactSetData shows that analysts' average target price for the stock is201.83The current share price is approximately155US dollars means there is still a date30%room for upward. Currently there are68Among the analysts82%Give a buy rating.

Investors' focus

In addition to numbers, investors need to pay special attention to the company's response strategies to potential risks this quarter, especially the possible impact of tariff policies and the slowdown.AlphabetAlthough it does not rely on direct-to-consumer hardware sales like other technology giants, it is less directly affected by tariffs.However, if advertisers cut spending due to economic pressure, they will still have an indirect impact on their advertising revenue.

In particular, the challenges facing Google's search business are increasing——More and more users are turning to AI tools to get answers, which has cast a shadow on the growth prospects of traditional search advertising.BernsteinThe analysis table shows the various impacts that tariffs and macroeconomic combinations may have on Google search growth.

Cloud computing andYouTubeBecome a key growth engine

In addition to search business, investors will also focus onGoogle CloudandYouTubeThe performance of these two areAlphabetThe sector with the most growth potential at present. but,YouTubeThe revenue data of the company has not been disclosed in detail separately. Advertising revenue is listed as a group, and subscription revenue is classified as“Other income”This makes it difficult for the outside world to fully evaluate its performance.

Morningstar AnalystMalik Ahmed KhanNote:“Google's profit and loss statement is not ideal.YouTubeThere is no independent financial disclosure.”But he also saidGoogle CloudThe scale is constantly expanding, and profitability is also constantly improving.

In the fourth quarter of last year,Google CloudRevenueAlphabetTotal revenue12.4%, compared with the same period of the previous year10.6%There is a rise. The sector grew nearly last year30%, management previously said that due to capacity restrictions, revenue growth is expected to accelerate further if the capacity bottleneck eases.

Overall, although the advertising business (includingYouTube) is facing a risk of slowing down,But with the strong support of cloud business,AlphabetThe stock price is still resilient.

Antitrust cases have also become a focus

Investors will also keep a close eye on several pending antitrust lawsuits. U.S. government accusationsAlphabetIn advertising technology, search andGoogle PlayThere is monopoly behavior in the business, and it may even be required to split part of the business. The latest development is4moon17On the day, the U.S. District JudgeLeonie BrinkemaRulingAlphabetThere is indeed monopoly in the digital advertising technology market, and investors expect the company to respond to this Thursday's earnings call.