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
| RDDT | 9.50% |
| NTNX | 32.17% |
| CRWD | 69.63% |
| SE | 33.25% |
| SNOW | 9.94% |
| APPF | 7.88% |
| PINS | -23.46% |
vs. Fair Value Estimates
Buy List
| SEMR | -39.03% |
| TSM | -36.66% |
| GOOG | -51.12% |
| NYAX | -54.88% |
| MSFT | -30.39% |
| ASR | -25.76% |
| FLYW | -36.58% |
| HRMY | -55.44% |
| YOU | -35.76% |
| ABNB | -31.01% |
| MELI | -33.36% |
| ADBE | -40.47% |
vs. Fair Value Estimates
Hold List
| VTEX | -16.16% |
| ZETA | -19.22% |
| ODD | -24.43% |
| CELH | 47.00% |
| TOST | 18.93% |
| CPNG | -15.13% |
| HIMS | -10.80% |
| PAYC | -21.41% |
| MNDY | 15.41% |
| GLBE | -18.52% |
| ZS | 27.02% |
| V | -4.06% |
| ADSK | -0.77% |
| NOW | -0.48% |
| FTNT | -3.84% |
| TEAM | -1.77% |
vs. Fair Value Estimates