Michael Wiggins De Oliveira is an inflection investor. This means buying into cheap companies at the moment when their narrative is changing and the business is on a path toward becoming significantly more profitable over the next year.With a focus on tech and “the Great Energy Transition (including uranium)”, Michael runs a concentrated portfolio with approximately 15 to 20 stocks and an average holding period of 18 months. Through his 10+ years analyzing countless companies, Michael has accumulated outsta ...

Group 1 - Alphabet's revenue increased by 14% on an FX adjusted basis [3]

Investment Plans - Alphabet plans to invest $75 billion throughout the year, focusing on expanding data center capacity for AI infrastructure despite macroeconomic uncertainties [1] - The company reported first-quarter earnings that exceeded expectations, resulting in a share price increase of over 4% in after-hours trading [2] Macroeconomic Challenges - Google acknowledges the impact of macroeconomic factors, including tariffs, on its business, particularly noting a potential headwind for its advertising revenue due to changes in the de minimis exemption [3][4] - Analysts predict that companies like Shein and Temu will reduce their advertising spending on Google due to increased costs from tariffs, which could significantly affect Google's revenue [5] Financial Performance and Expenses - Alphabet's total operating expenses rose by 9% to $23.3 billion compared to the first quarter of 2024, with research and development investments increasing by 14% driven by higher compensation and depreciation expenses [9] - Administrative expenses surged by 17%, attributed to legal and other charges, indicating rising operational costs [10] Legal Pressures - Alphabet faces mounting legal challenges, including an antitrust lawsuit filed by the Justice Department and several states, which could lead to significant operational changes, including potential divestitures [10][11]

Financial Performance - Revenues increased from $80,539 million in Q1 2024 to $90,234 million in Q1 2025, representing a growth of 8.5%[16] - Net income rose significantly from $23,662 million in Q1 2024 to $34,540 million in Q1 2025, an increase of 45.9%[16] - Comprehensive income increased from $23,225 million in Q1 2024 to $35,254 million in Q1 2025, a growth of 51.7%[19] - Net income for the three months ended March 31, 2024, was $23,662 million, increasing to $34,540 million for the same period in 2025, representing a growth of 46%[25] - Total revenues increased from $80,539 million in Q1 2024 to $90,234 million in Q1 2025, reflecting a year-over-year growth of 12.5%[35] - Google Cloud revenue rose from $9,574 million in Q1 2024 to $12,260 million in Q1 2025, marking a significant increase of 28.1%[35] - Google Services revenue rose to $77.264 billion in Q1 2025, compared to $70.398 billion in Q1 2024, reflecting an increase of about 9.9%[119] - The total operating income for the company increased to $30.606 billion in Q1 2025, compared to $25.472 billion in Q1 2024, which is a growth of around 20.4%[119] Expenses and Investments - Research and development expenses increased from $11,903 million in Q1 2024 to $13,556 million in Q1 2025, reflecting a 13.9% rise as the company invests in AI products and services[16] - Stock-based compensation expense was $5,264 million in Q1 2024 and increased to $5,516 million in Q1 2025[25] - The provision for income taxes for Q1 2025 was $7.249 billion, with an effective tax rate of 17.3%, compared to $4.653 billion and 16.4% in Q1 2024[115] - The allowance for credit losses on accounts receivable increased from $879 million as of December 31, 2024, to $915 million as of March 31, 2025[80] - The company plans to continue investing in new businesses, products, and technologies, including acquisitions and strategic investments[9] Assets and Liabilities - Total assets grew from $450,256 million as of December 31, 2024, to $475,374 million as of March 31, 2025[14] - Cash and cash equivalents slightly decreased from $23,466 million as of December 31, 2024, to $23,264 million as of March 31, 2025[14] - Property and equipment, net, increased from $171.036 billion as of December 31, 2024, to $185.062 billion as of March 31, 2025[81] - Accrued expenses and other current liabilities rose from $51.228 billion as of December 31, 2024, to $58.300 billion as of March 31, 2025[82] - Total long-term debt as of March 31, 2025, was $10.886 billion, with an estimated fair value of approximately $9.1 billion[78] Regulatory and Legal Matters - The company is facing heightened regulatory scrutiny, which could impact business practices and financial results[12] - In June 2017, the European Commission imposed a €2.4 billion fine on Google for antitrust violations related to shopping search results[95] - In July 2018, the European Commission imposed a €4.3 billion fine on Google for antitrust violations related to Android distribution agreements, later reduced to €4.1 billion[95] - In March 2019, the European Commission imposed a €1.5 billion fine on Google for antitrust violations related to AdSense for Search, which was annulled in September 2024[96] - Ongoing privacy investigations and lawsuits in the U.S. and EU could result in significant fines and product changes for Google[100] Shareholder Returns - In the three months ended March 31, 2025, Alphabet repurchased $15.3 billion of Class A and Class C shares[107] - As of March 31, 2025, $29.5 billion remained available for share repurchases after the Board authorized an additional $70.0 billion in April 2025[108] - Total cash dividends for the three months ended March 31, 2025, were $1.2 billion for Class A, $171 million for Class B, and $1.1 billion for Class C shares[109] - The Board declared a quarterly cash dividend of $0.21 in April 2025, representing a 5% increase from the previous dividend of $0.20[109] Future Outlook - The company expects continued growth in revenues beyond advertising, which may positively impact margins[9] - The company anticipates fluctuations in traffic acquisition costs (TAC) and associated rates, which could affect overall margins[9] - Revenue backlog as of March 31, 2025, was $92.4 billion, with an expectation to recognize approximately 55% of this backlog as revenue over the next 24 months[36] - The company entered into a definitive agreement to acquire Wiz for $32.0 billion in an all-cash transaction, expected to close in 2026[86]

Financial Data and Key Metrics Changes - Consolidated revenues for Q1 2025 reached $90.2 billion, a 12% increase year-over-year, or 14% in constant currency [52] - Operating income increased by 20% to $31 billion, with an operating margin of 33.9%, reflecting a 2.3 percentage point margin expansion [55] - Net income rose by 46% to $34.5 billion, and earnings per share increased by 49% to $2.81 [56] Business Line Data and Key Metrics Changes - Google services revenues increased by 10% to $77.3 billion, driven by strong performance in Google Search and YouTube advertising [57] - YouTube advertising revenues grew by 10% to $8.9 billion, primarily from direct response advertising [58] - Google Cloud revenue surged by 28% to $12.3 billion, with operating income increasing to $2.2 billion and operating margin rising from 9.4% to 17.8% [59] Market Data and Key Metrics Changes - AI Overviews now have over 1.5 billion users per month, contributing to increased search query volume [6][18] - The number of people shopping using Lens grew by over 10% in Q1, indicating strong engagement with visual search capabilities [38] - YouTube Music and Premium subscriptions reached over 125 million globally, reflecting growth in subscription offerings [31] Company Strategy and Development Direction - The company is focused on leveraging AI across its product offerings, with Gemini 2.5% being highlighted as a key innovation driving future growth [8][90] - Investments in AI infrastructure and capabilities are central to the company's strategy, with a commitment to a $75 billion CapEx for 2025 [63][94] - The company aims to enhance user experience through AI-driven features, with a focus on expanding AI Overviews and AI Mode [21][112] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges while continuing to drive innovation and efficiency [84][96] - The outlook for Q2 and 2025 includes potential variability in cloud revenue growth rates due to capacity deployment timing [62] - Management emphasized the importance of user feedback and satisfaction in shaping future product developments [135] Other Important Information - The company announced a 5% increase in its quarterly dividend and a $70 billion share repurchase authorization [61] - The acquisition of Wizz, a leading cloud security platform, was announced to enhance cybersecurity offerings [28] Q&A Session Summary Question: Macro advertising backdrop and potential weaknesses - Management noted broad-based strength across ad verticals in Q1, with finance leading growth, but acknowledged potential macroeconomic impacts in Q2 [73][74] Question: AI Overviews user metrics and monetization - AI Overviews have seen significant user growth, and monetization remains stable, providing a strong base for further innovation [80][76] Question: Changes in cost management approach - The company continues to focus on driving efficiency and productivity, with ongoing efforts to manage operating expenses and CapEx [82][84] Question: Differentiation of Gemini as a platform - Management highlighted the strong reception of Gemini models and the ongoing innovation across product offerings to enhance user experience [90][91] Question: Brand advertising performance on YouTube - Brand advertising showed solid growth in Q1, with strong engagement metrics, particularly during cultural events [103]

"We're in an asset bubble, and TQI can help you navigate it profitably"I am Ahan Vashi, a seasoned investor with professional background in equity research, private equity, and software engineering. I currently serve as the Chief Financial Engineer at The Quantamental Investor, a community pursuing financial freedom through bold, active investing with proactive risk management. TQI was established in July 2022 with a singular mission to make investing simple, fun, and profitable for all investors. In alignm ...

Alphabet (GOOGL) reported $76.49 billion in revenue for the quarter ended March 2025, representing a year-over-year increase of 13.2%. EPS of $2.81 for the same period compares to $1.89 a year ago.The reported revenue represents a surprise of +1.27% over the Zacks Consensus Estimate of $75.53 billion. With the consensus EPS estimate being $2.02, the EPS surprise was +39.11%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

The Alphabet Inc. (NASDAQ: GOOG ), (NASDAQ: GOOGL ) aka Google Q1 2025 results have just been released, and the market reaction has left me rather perplexed. Initially, the price jumped 6% in after-market trading, then fell to +3%. Alphabet's results were more than positive, and I, personally, expected them toHi there, welcome to my profile. My name is Eugenio Catone, I live in Italy and I am 26 years old.In 2023 I graduated in Business Administration and I completed CFA level 1 in 2024. I am currently a Po ...

Group 1 - The Cash Flow Kingdom Income Portfolio aims to achieve an overall yield in the range of 7% to 10% by combining various income streams for a steady payout [1] - The portfolio's price may fluctuate, but the income stream remains consistent, indicating a focus on stability in income generation [1] - The portfolio includes access to a leader's personal income portfolio targeting a yield of over 6%, along with community features and performance transparency [1] Group 2 - Jonathan Weber has been active in the stock market and as a freelance analyst, focusing primarily on value and income stocks since 2014 [2]

Most companies would make a big deal if they found an extra $8 billion in their couch cushions. Google is not one of those companies.Tucked away at the bottom of Google's earnings' release Thursday is this note bit of accountantspeak: "OI&E of $11.2 billion for the three months ended March 31, 2025 included an $8.0 billion unrealized gain on our non-marketable equity securities related to our investment in a private company." Translated: We invest in private companies and one of them is worth a lot more n ...