Os dejo a los suscriptores un breve resumen sobre los resultados de Alphabet. El resumen es una mezcla de notas personales y puntos importantes extraídos del transcript del Q2 de 2021.
Comentarios sobre resultados
Google Search YoY +63%
Youtube Ads YoY +84%
Google Advertising YoY +60%
Google Cloud YoY +54%
El crecimiento en Google Search que es principalmente de publicidad está sesgado al alza por ser un comparable muy sencillo. En el Q2 de 2020, la parte de Google Search sufrió con una reducción en el revenue, por lo que ahora es normal ver incrementos más llamativos. Dicho esto, normalizando el COVID el crecimiento de esta división ha sido muy fuerte, por encima de lo habitual.
En el caso de Youtube Ads sucede algo similar a Google Search, aunque hablamos de un crecimiento exponencial de más del 80% que incluso si normalizásemos, veríamos como los ingresos de esta división se están acelerando de forma importante. Hablamos de que prácticamente en un año han doblado las ventas. Los comentarios en las conference call son muy positivos respecto a esta división, dejando un montón de iniciativas con mucho potencial para el futuro.
La nube de Google está creciendo a un ritmo superior a los competidores. Este punto es normal, dado que parte de una posición con una cuota de mercado minoritaria con respecto a AWS y Azure. Aún así refleja el buen hacer de Alphabet, donde a futuro tendremos un segmento con márgenes muy interesantes (solo hay que ver AWS y Azure) y con crecimientos de doble dígito durante muchos años.
En definitiva, a nivel de segmentos los resultados han sido espectaculares como ya venían siendo en trimestres anteriores. En mi opinión Alphabet es la compañía de las FAANG que está arrojando unos resultados más sólidos.
En este trimestre y el anterior los márgenes han pegado un fuerte salto. Esto es debido a varios factores comentados en la conference call. De todas formas esta expansión de márgenes nos deja ver el potencial de Alphabet. En mi opinión ahora mismo se puede permitir deprimir los márgenes vía inversión fuerte en Other bets, Cloud, IA, para ampliar sus ventajas competitivas y sostener su crecimiento de doble dígito. Una vez Alphabet pase a un estado más maduro, la posible expansión de márgenes con un Capex de crecimiento nulo, es muy interesante y visible.
Normalizando las pérdidas de Other Bets y Cloud (negocios que ahora arrojan pérdidas pero que tienen un valor y a futuro serán potentes segmentos de cara a generar beneficio), Google está a unas 28x EV/FCF de los últimos 12 meses. Una compañía con claros vientos de cola, una posición dominante de mercado y creciendo a doble dígito con una facilidad pasmosa.
Inversiones
Se está invirtiendo fuerte además de en la nube, en potenciar el core del negocio de Google: el buscador.
Varias fuentes de inversión que derivan en una mejora del servicio son BERT y MUM. Ambos conceptos asociados a la IA del buscador, al SEO y demás aspectos clave.
Youtube
I’m proud to announce that YouTube Shorts has just surpassed 15 billion daily views.
According to Nielsen’s Total Ad Ratings Reach reporting, from Q4 ‘18 to Q4 ‘20, on average, 70% of YouTube’s reach was delivered to an audience not reached by the advertiser’s TV media. In other words, YouTube’s reach is becoming increasingly incremental to TV, and this audience dynamic is a huge win for brands
In fact, Nielsen found that US advertisers who shifted just 20% of spend from TV to YouTube generated a 25% increase to their total campaign reach within their target audience, while lowering their cost per reach point by almost 20%. These combined effects of improved reach and efficiency are helping advertisers get the most out of their brand investments.
Waymo
Since first launching itsservices to the public in October 2020, Waymo has safely served tens of thousands of rides without a human driver in the vehicle, and we look forward to many more.
Cloud
Turning to the Google Cloud segment, revenues were $4.6 billion for the second quarter, up 54%. GCP’s revenue growth was again above Cloud overall, reflecting significant growth in both infrastructure and platform services.
Bookings
New tools, like Travel Insights– which launched in the US this month after rolling out to select countries in APAC and EMEA in December – are helping our partners get a clearer picture of where demand is coming from.
Wyndham Hotels & Resorts, for example, is leaning into insights and automation across Search, Display and YouTube to meet travelers, wherever and whenever, they need a hotel. They drove nearly two times more direct bookings from media deployed on Google in the first half of 2021 vs. the year prior. Or take Amtrak. COVID hit, ridership plummeted, budgets were cut.
Uncertainty ensued on how to efficiently reach essential travelers. So we stepped in with insights and automation. Bookings for their last quarter, which was Q2, increased 3X year-over-year with Cost Per Acquisition down 52%.
E-commerce
Moving onto Retail, where momentum remains strong. We’re continuing to build an open ecosystem that benefits both users and merchants. Last year we removed financial barriers with free product listings and zero commission fees. This year we’re removing integration barriers.
With Shopify, WooCommerce, GoDaddy and Square, merchants can now onboard and show their products across Google for free. And our Shopping Graph is using AI to connect these products to the people who want them, with over 24 billion listings from millions of merchant across the web.
Let’s talk omnichannel. Last quarter I said it was here to stay – and it is. Retailers continue to build their digital presence to drive both online and offline sales – and we’re helping them do it.
Take Bed Bath & Beyond who quickly pivoted to curbside pickup, pick-up-in-store, and same-day delivery when people were stuck at home. They’ve continued these offerings across Google with impressive success. Omni and digital shoppers now make up 50% of customers, and in Q1, a third of total digital sales were fulfilled by stores. Plus they’ve tapped YouTube to build awareness for their new customer-inspired Owned-brands. We’ll continue to invest in new ways to help retailers through what is likely to be a long and uncertain recovery around the world.
Sobre el ecommerce a través de youtube:
There's a ton of commercial intent acrossYouTube. And it was a shopping destination before COVID. I mean, think unboxing videos, product reviews, makeup tutorials, and so on. And throughout the pandemic we've really seen more shoppers turn to the platform for ideas, inspiration and really help them decide what to buy. And a number of shopping capabilities are already under way, and we're working really hard to make it easier for users to discover and buy directly on YouTube. And I mentioned how merchants can globally add their product feeds now right into video action campaigns. And brands and shoppers alike are loving it. And we've also begun beta testing this, for example, with Discovery Ads. And, yes, last quarter I mentioned how viewers can make purchases from their favorite creators, via early experiments with Brand Connect and shoppable product shelves. And early adopters are seeing a lot of success here. So stay tuned for more updates later this year.
Guidance
Let me close with some comments on our outlook. In the second quarter, revenues benefited from an FX tailwind of more than 4% at the consolidated level.
In terms of outlook by segment, for Google Services, the benefit to revenue growth in Q2 from lapping the effect of COVID last year will diminish through the balance of the year as we begin to lap stronger performance in the second half of 2020. In the second quarter, we continued to benefit from elevated consumer online activity and broad-based strength in advertiser spend.
Within Other Revenues, Play revenue growth for the balance of the year will face headwinds due to the impact of lapping elevated engagement in the pandemic as well as the change in fee structure which was implemented as of July 1
We expect that headcount additions will be seasonally higher in Q3, as we bring on new graduates. In addition, we expect Sales and Marketing expenses to be more heavily weighted to the back half of the year in part to support product launches and the holiday season.
Turning to CapEx, the results in the second quarter primarily reflect ongoing investment in our technical infrastructure, most notably in servers, to support ongoing growth across Google
our Board has approved an amendment to the existing $50 billion stock repurchase program permitting us to repurchase both Class A and Class C shares, in a manner that’s in the best interest of the company and its stockholders
And I think it's important to note that some of our costs are less variable in the short term, such as depreciation and the operations cost of our data centers.
So when you look at Q2 performance, in part, the meaningful year-on-year improvement in the operating margin in the second quarter clearly reflects the strong revenue growth but also the fact that some of these costs are less variable in the short term.
However, to support long-term growth, and very much to your question, it's true across both Google Services and Google Cloud we will continue to increase the pace of investment. And that's true in headcount, it's true with compute, sales and marketing, really across the board.
And you also heard that in some of my comments about CapEx. We're continuing to pick up the pace of investment in office facilities. Both fit-outs and ground-up construction had been slowed as a result of COVID, and we're pleased that the pace has picked up. And that really relates to our comments about continuing to build out across the U.S., around the globe, in line with continuing to invest in headcount growth.
I'd make one other point, which is – I think you're aware of this – but in this quarter, the results also reflect the benefit from the change in useful lives that we talked about earlier in the year that reduced depreciation expense. It's a benefit of about $721 million in the quarter. And the benefit from this change will be lower in the second half as you're looking ahead.
excellent!! i see there is not more update in the results or look like that.
i think its a great job what you are doing thanks.