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Research, Fundamental

Alphabet Dec-Q Preview – Will Cloud Growth Stabilize After Disappointing in Q3?

Angelo Zino, CFA, VP of Equity Research and Tech Sector Head

17 January 2024

Summary

Alphabet Inc. (GOOGL) will release Q4 results on January 30. Cloud growth disappointed last quarter, decelerating to 22% from 28%. All eyes on whether growth rates stabilize. Estimated growth of at least 22%-23% in Q4, supported by greater H100/Tensor Processing Unit (TPU) capacity and AI workloads. GOOGL Search growth estimated at 11% in Q4 while YouTube growth accelerated to 15%.

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