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
| SPSC | 20.94% |
| RDDT | 4.69% |
| APPF | 8.96% |
| CMG | 42.92% |
| INTU | 25.69% |
| WDAY | -0.39% |
| PSTG | 6.48% |
| VEEV | 22.21% |
| NTNX | 37.81% |
| CRWD | 95.72% |
| SE | 44.38% |
| SNOW | 24.26% |
vs. Fair Value Estimates
Buy List
| PINS | -32.05% |
| SEMR | -35.48% |
| TSM | -37.20% |
| ZETA | -33.45% |
| GOOG | -51.93% |
| NYAX | -29.95% |
| HRMY | -53.93% |
| YOU | -40.78% |
| ABNB | -28.99% |
| MELI | -27.91% |
| ADBE | -40.28% |
vs. Fair Value Estimates
Hold List
| ASML | -19.36% |
| VTEX | -2.88% |
| MSFT | -20.48% |
| ODD | 2.64% |
| ASR | -21.72% |
| FLYW | -12.78% |
| CELH | 13.68% |
| TOST | 22.17% |
| CPNG | -3.28% |
| HIMS | 30.13% |
| PAYC | -5.19% |
| MNDY | 21.94% |
| GLBE | -18.41% |
| ZS | 43.04% |
| V | -3.23% |
| ADSK | 7.27% |
| NOW | 17.69% |
| FTNT | -3.23% |
| TEAM | -10.25% |
vs. Fair Value Estimates