Alphabet 承认 AI 搜索收入低于传统搜索，Q3 财报后股价跌近 12%
Google admits AI search makes less money, but it's fixing that with more ads
Alphabet 公布 2026 年 Q3 财报，营收近 1280 亿美元、同比增长 25%，净利润超 260 亿美元，但净利润比去年低近 90 亿美元，股价一度下跌约 13%。公司承认 AI 搜索的收入不及传统搜索，并计划明年在 AI 上投入更多，同时用增加广告的方式来弥补收入差距。Google Cloud 收入突破 300 亿美元，高于分析师预期。
Google parent Alphabet reported its Q3 financial results on Wednesday afternoon, showing a healthy rise in revenue for the months of July to September. But the company's stock price has taken a beating, marking one of the largest post-earnings drops in its history. It comes down to several troubling aspects of the new report, including an admission by the company that AI search isn't earning as much as organic search, and despite that, Google expects to spend even more on AI next year.
The company took in almost $128 billion in Q3 2026, earning more than $26 billion in net income. These may sound like good numbers, but financial markets are not impressed. While revenue is up 25 percent versus last year, net income is almost $9 billion lower. As of this story's publication, the stock price is down almost 12 percent, and it was down about 13 percent earlier in the day.
While revenue was up 25 percent year over year, analysts expected more. Google reported earnings per share of $2.12, but the consensus projection ahead of Wednesday was $3.02. Google's Cloud products actually beat expectations, crossing $30 billion in revenue. That's about a billion more than analyst guesses.
来源：Ars Technica · AI · arstechnica.com