Alphabet 承认 AI 搜索创收更低，靠增加广告弥补
Google admits AI search makes less money, but it's fixing that with more ads
Alphabet 公布 2026 年第三季度财报，营收近 1280 亿美元、同比增长 25%，净利润超 260 亿美元但比去年少近 90 亿美元，每股收益 2.12 美元低于分析师预期的 3.02 美元。
财报显示 AI 搜索创收低于自然搜索，Alphabet 仍计划加大 AI 投入，可观察这一商业模式承压的路径。
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