Strong Report for Google in Q3
Oct 31, 2024
Alphabet (i.e., Google) reported Q3 results that were strong across the board. Revenue was up 15%, led by Google Cloud growing 35% year-over-year as businesses spend to build out their AI infrastructure. The core business (search, subscriptions, platforms, YouTube, etc.) still grew a healthy 13%, and remains 87% of revenues. The company continues to expand margins (op margin up to 32.3%, vs. 27.8% a year ago) and buy back shares (down 2.2% year-over-year). Pretty much the results were are looking for from the company, but the market is still ahead of the value. I'm bumping the fair value price up a few bucks to $127. Google will remain on the Watch List.
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Watch List
| CMG | 37.61% |
| WDAY | -8.54% |
| VEEV | 16.18% |
| PSTG | -1.89% |
| INTU | 17.78% |
| RDDT | 12.25% |
| NTNX | 21.74% |
| CRWD | 89.06% |
| SE | 23.00% |
| SNOW | 13.33% |
| APPF | 11.21% |
vs. Fair Value Estimates
Buy List
| PINS | -37.20% |
| SEMR | -34.13% |
| TSM | -41.15% |
| ZETA | -30.22% |
| GOOG | -50.32% |
| NYAX | -30.03% |
| MSFT | -29.45% |
| ODD | -30.32% |
| FLYW | -43.10% |
| HRMY | -59.68% |
| YOU | -37.20% |
| ABNB | -31.62% |
| ADBE | -43.87% |
vs. Fair Value Estimates
Hold List
| ASML | -23.12% |
| VTEX | -14.40% |
| ASR | -24.82% |
| CELH | 48.80% |
| TOST | 19.83% |
| CPNG | -12.30% |
| HIMS | -19.60% |
| PAYC | -18.76% |
| MNDY | 15.01% |
| GLBE | -21.02% |
| ZS | 28.92% |
| V | -7.01% |
| ADSK | 0.63% |
| NOW | 13.35% |
| MELI | -24.02% |
| FTNT | -1.25% |
| TEAM | -1.28% |
vs. Fair Value Estimates