Alphabet Inc. (NASDAQ:GOOG) Q2 2025 Earnings Conference Call July 23, 2025 4:30 PM ET
Company Participants
Anat Ashkenazi - Senior VP & CFO
James Friedland - Corporate Participant
Philipp Schindler - Senior Vice President & Chief Business Officer of Google
Sundar Pichai - CEO & Director
Conference Call Participants
Brian Thomas Nowak - Morgan Stanley, Research Division
Douglas Till Anmuth - JPMorgan Chase & Co, Research Division
Eric James Sheridan - Goldman Sachs Group, Inc., Research Division
Justin Post - BofA Securities, Research Division
Kenneth James Gawrelski - Wells Fargo Securities, LLC, Research Division
Mark Elliott Shmulik - Sanford C. Bernstein & Co., LLC., Research Division
Mark Stephen F. Mahaney - Evercore ISI Institutional Equities, Research Division
Michael Brian Nathanson - MoffettNathanson LLC
Ross Adam Sandler - Barclays Bank PLC, Research Division
Operator
Welcome, everyone. Thank you for standing by for the Alphabet Second Quarter 2025 Earnings Conference Call. \[Operator Instructions]
欢迎大家，感谢您参加Alphabet 2025年第二季度财报电话会议。\[接线员指示]
I would now like to hand the conference over to your speaker today, Jim Friedland, Head of Investor Relations. Please go ahead.
现在我将把会议交给今天的发言人，投资者关系主管Jim Friedland。请开始。
James Friedland
Thank you. Good afternoon, everyone, and welcome to Alphabet's Second Quarter 2025 Earnings Conference Call. With us today are Sundar Pichai, Philipp Schindler, and Anat Ashkenazi.
谢谢大家，下午好，欢迎参加Alphabet 2025年第二季度财报电话会议。今天与我们一起的还有Sundar Pichai、Philipp Schindler和Anat Ashkenazi。
Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our Forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update any forward-looking statement.
现在我快速说明一下“安全港”声明。我们今天在电话会议中所做的一些有关业务、运营及财务表现的陈述可能属于前瞻性声明。这些声明基于当前的预期和假设，受到多种风险和不确定性的影响，实际结果可能会有重大差异。请参阅我们的10-K和10-Q文件，其中包括相关风险因素。我们没有义务更新任何前瞻性声明。
During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor. Our comments will be on year-over-year comparisons unless we state otherwise. And now I'll turn the call over to Sundar.
在本次电话会议中，我们将提供基于美国通用会计准则（GAAP）和非GAAP的财务指标。非GAAP与GAAP财务指标之间的调节信息已包含在今天发布的财报新闻稿中，并可通过我们的投资者关系网站（abc.xyz/investor）公开获取。除非特别说明，我们的评论均基于同比比较。现在，我将电话交给Sundar。
Sundar Pichai
Thanks, Jim. Good afternoon, everyone. Q2 was a standout quarter for us with robust growth across the company. As you saw at IO, we are leading at the frontier of AI and shipping at an incredible pace. AI is positively impacting every part of the business, driving strong momentum.
谢谢你，Jim。大家下午好。第二季度对我们来说是一个出色的季度，公司各项业务实现了强劲增长。正如你们在 I/O 大会上看到的，我们在人工智能的前沿处于领先地位，并以惊人的速度推进产品交付。人工智能正在积极影响公司各个领域，带动强劲的发展势头。
This quarter, Search delivered double-digit revenue growth. Our new Search features continue to perform well. AI Mode has launched in the U.S. and India and is going well, while AI Overviews now has over 2 billion monthly users across more than 200 countries and territories and 40 languages. I'll give some more details on Search in a moment.
本季度，搜索业务实现了两位数的收入增长。我们推出的新搜索功能继续表现优异。AI 模式已在美国和印度上线，运行良好；而AI 总览目前在全球200多个国家和地区、40种语言中每月用户超过20亿。我稍后会进一步介绍搜索方面的细节。
We continue to see strong performance in YouTube as well as subscriptions, reflecting great momentum across these high-growth businesses. In the U.S., shorts now earn as much revenue per watch hour as traditional in-stream on YouTube. And in some countries, it now even exceeds in-stream's rate. Cloud had another great quarter of strong growth in revenues, backlog and profitability. Its annual revenue run rate is now more than \$50 billion. We are seeing significant demand for our comprehensive AI product portfolio.
YouTube 和订阅业务依然表现强劲，显示出这些高增长业务领域的良好势头。在美国，Shorts 每小时观看所带来的收入已与传统的 YouTube 插播广告持平，在某些国家甚至超过了插播广告的收入水平。云业务再次迎来收入、订单积压和盈利能力的强劲增长，本季度表现优异。其年化收入规模已超过500亿美元。我们看到对我们全面的 AI 产品组合的强劲需求。
Of course, this is all possible because of the long-term investments we have made in our differentiated full stack approach to AI. This spans AI infrastructure, world-class research, models and tooling and our products and platforms that brings AI to people all over the world. I'll briefly touch on the AI stack before turning to quarterly highlights.
当然，这一切都得益于我们长期以来在差异化的全栈AI战略上的投入。我们在AI基础设施、世界一流的研究、模型与工具，以及面向全球用户的产品与平台方面都进行了全面布局。我会简单介绍一下我们的AI技术栈，然后再谈季度亮点。
First, AI infrastructure. We operate the leading global network of AI-optimized data centers and cloud regions. We also offer the industry's widest range of TPUs and GPUs along with storage and software built on top. That's why nearly all GenAI unicorns use Google Cloud. And that's why a growing number, including leading AI research labs like Safe Superintelligence and Physical Intelligence use TPU specifically. Our AI infrastructure investments are crucial to meeting the growth in demand from cloud customers.
首先是AI基础设施。我们运营着全球领先的专为AI优化的数据中心和云区域网络。我们还提供业内最广泛的TPU和GPU产品组合，以及构建其上的存储和软件。这就是为什么几乎所有的生成式AI独角兽都使用Google Cloud；这也是越来越多的AI研究机构（例如Safe Superintelligence和Physical Intelligence等领先实验室）专门使用TPU的原因。我们在AI基础设施方面的投入对于满足云客户日益增长的需求至关重要。
Next, world-class AI research, including models and tooling. We continue to expand our Gemini 2.5 family of hybrid reasoning models, which provide industry-leading performance in nearly every major benchmark. In addition to improving our popular workhorse model Flash, we debuted an extremely fast flashlight version. We achieved gold medal level performance in the International Math Olympiad using an advanced version of Gemini with Deepting. We can't wait to bring Deepting to users soon. We have some of the best models available today at every price point. Our 2.5 models have been a catalyst for growth and 9 million developers have now built with Gemini.
接下来是世界一流的AI研究，包括模型和工具。我们持续扩展Gemini 2.5系列的混合推理模型，在几乎所有主流基准测试中都取得了行业领先的表现。除了改进我们广受欢迎的基础模型Flash之外，我们还推出了一个极其快速的Flashlight版本。我们借助配备Deepting的高级版Gemini，在国际数学奥林匹克竞赛中取得了金牌水平的成绩。我们迫不及待地想把Deepting带给广大用户。我们目前在各个价格段都拥有最强大的模型之一。我们的2.5系列模型已成为增长的催化剂，目前已有900万名开发者基于Gemini进行构建。
I also want to mention Veo 3, our state-of-the-art video generation model. It's been a viral hit with people sharing clips created in the Gemini app and with our new AI filmmaking tool Flow. Since May, over 70 million videos have been generated using Veo 3. And we recently introduced a feature in the Gemini app to turn photos into videos, which people absolutely love. It's also rolling out to Google Photos users starting today.
我还想提一下Veo 3，这是我们最先进的视频生成模型。它已成为爆款，用户通过Gemini应用和我们全新的AI电影制作工具Flow分享了大量视频片段。自5月以来，已有超过7000万个视频是用Veo 3生成的。我们最近还在Gemini应用中推出了将照片转化为视频的功能，深受用户喜爱。今天起，这项功能也将推广至Google Photos用户。
Third, our products and platforms. We are bringing AI to all our users and partners through surfaces like Workspace, Chrome and more. The growth in usage has been incredible. At IO in May, we announced that we processed 480 trillion monthly tokens across our surfaces. Since then, we have doubled that number, now processing over 980 trillion monthly tokens, a remarkable increase.
第三，我们的产品和平台。我们通过Workspace、Chrome等多个界面将AI带给所有用户和合作伙伴。使用量的增长令人难以置信。在5月的I/O大会上，我们宣布每月在各大平台上处理的token数为480万亿。自那以来，这一数字已翻倍，目前每月处理token超过980万亿，增长十分显著。
The Gemini app now has more than 450 million monthly active users, and we continue to see strong growth in engagement with daily requests growing over 50% from Q1. In June alone, over 50 million people used AI-powered meeting notes in Google Meet. And powered by Veo 3, our new short video product in Workspace called Google Vids reached nearly 1 million monthly active users. This month at Samsung Galaxy Unpacked, we announced new Android and AI features that are available on Samsung's latest devices. And we are really pleased with the growth in subscriptions, which got a boost from our Google AI Pro and Ultra plans.
Gemini应用目前的月活跃用户已超过4.5亿，并且用户互动仍在强劲增长，每日请求量较第一季度增长超过50%。仅在6月，就有超过5000万人在Google Meet中使用了AI生成的会议纪要。在Veo 3的支持下，我们在Workspace中推出的全新短视频产品Google Vids也已接近100万月活用户。本月，我们在Samsung Galaxy Unpacked活动中宣布了适用于三星最新设备的Android和AI新功能。订阅用户增长令人满意，Google AI Pro和Ultra套餐也为此带来了助力。
Now some key highlights from Search, Cloud, YouTube and Waymo for the quarter. First up, this is an incredibly exciting moment for Search. We see AI powering an expansion in how people are searching for and accessing information, unlocking completely new kinds of questions you can ask Google. Overall queries and commercial queries on Search continue to grow year-over-year. And our new AI experiences significantly contributed to this increase in usage. We are also seeing that our AI features cause users to search more as they learn that search can meet more of their needs. That's especially true for younger users.
下面是本季度在Search、Cloud、YouTube和Waymo方面的一些重点。首先，搜索业务正处于一个令人振奋的时刻。我们看到，AI正在推动人们搜索和获取信息方式的扩展，使用户能够向Google提出全新的问题类型。整体搜索查询量和商业查询量同比持续增长。我们的AI新功能对使用量的提升起到了显著推动作用。我们还观察到，AI功能促使用户搜索更多内容，因为他们发现搜索能够满足更多需求，这一趋势在年轻用户中尤为明显。
Let me go deeper on our new search experiences. We know how popular AI Overviews are because they are now driving over 10% more queries globally for the types of queries that show them, and this growth continues to increase over time. AI Overviews are now powered by Gemini 2.5, delivering the fastest AI responses in the industry. We also saw strong growth in the use of multimodal search, particularly the combination of lens or Circle to Search together with AI overviews. This growth was most pronounced among younger users.
让我更深入地谈谈我们全新的搜索体验。我们知道AI总览深受欢迎，因为对于显示AI总览的查询类型，它们已经在全球范围内带动了超过10%的额外查询量，而且这一增长还在持续。现在AI总览由Gemini 2.5驱动，带来业内最快的AI响应。我们也看到多模态搜索的使用显著增长，尤其是Lens或Circle to Search与AI总览的结合使用。这种增长在年轻用户群体中最为突出。
Our new end-to-end AI search experience, AI Mode continues to receive very positive feedback, particularly for longer and more complex questions. It's still rolling out, but already has over 100 million monthly active users in the U.S. and India. We plan to keep enhancing the AI Mode experience for users by shipping great features fast. That includes our advanced research tool Deep Search and more personalized responses.
我们全新的端到端AI搜索体验——AI模式仍在获得非常积极的用户反馈，尤其适用于较长和更复杂的问题。尽管AI模式还在持续推广中，但在美国和印度已经拥有超过1亿的月活跃用户。我们计划通过快速推出优质功能来不断优化AI模式的用户体验，其中包括我们先进的研究工具Deep Search和更具个性化的回答。
Next, Google Cloud. We see strong customer demand, driven by our product differentiation and our comprehensive AI product portfolio. Four stats show this. One, the number of deals over \$250 million, doubling year-over-year; two, in the first half of 2025, we signed the same number of deals over \$1 billion that we did in all of 2024. Three, the number of new GCP customers increased by nearly 28% quarter-over-quarter; four, more than 85,000 enterprises, including LVMH, Salesforce and Singapore's DBS Bank now build with Gemini, driving a 35x growth in Gemini usage year-over-year.
接下来是Google Cloud。客户需求依然强劲，主要得益于我们产品的差异化优势和全面的AI产品组合。有四个数据可以说明这一点：第一，超过2.5亿美元的大型交易数量同比翻倍；第二，2025年上半年，我们签署的10亿美元以上的交易数量已与整个2024年持平；第三，新GCP客户数量环比增长近28%；第四，超过85,000家企业——包括LVMH、Salesforce和新加坡星展银行——已经基于Gemini开展构建，推动Gemini使用量同比增长35倍。
Our models have served on our AI infrastructure, which offers industry-leading performance and cost efficiency for both training and inference. Along with our AI accelerators, we introduced new innovations in storage, including Anywhere Cache, which improves inference latency by up to 70% and rapid storage, which delivers a 5x improvement in latency compared to leading hyperscalers. In addition, we have optimized AI software packages, including PyTorch and JAX with full open source supports for various AI training and serving demands.
我们的模型运行在我们的AI基础设施上，该基础设施在训练和推理方面都提供了业界领先的性能与成本效率。配合我们的AI加速器，我们在存储方面也推出了新的创新，比如Anywhere Cache，它可以将推理延迟降低高达70%；而Rapid Storage则相比领先的超大规模云服务商带来了5倍的延迟改进。此外，我们还优化了包括PyTorch和JAX在内的AI软件包，并为多种AI训练和推理需求提供了完整的开源支持。
We've also integrated AI agents deeply into each of our cloud products. Wayfair is leveraging our databases integrated with AI to streamline data pipelines and deliver more personalized customer experiences. Vantel is leveraging our Gemini-powered data agents and BigQuery to review and act on product feedback more quickly. Target is using our Gemini-powered threat intelligence and security operations agents to improve cybersecurity. Capgemini is utilizing our AI software engineering agents to deliver higher- quality software faster by automating tasks from code generation to testing. And BBVA says Gemini and Google Workspace is saving employees nearly 3 hours per week by automating repetitive tasks. It's now rolling it out to 100,000 employees globally.
我们还将AI智能体深度集成到各个云产品中。Wayfair正在利用与AI集成的数据库来简化数据流程并提供更个性化的客户体验；Vantel正在借助基于Gemini的数据智能体与BigQuery更快速地审阅和处理产品反馈；Target正在使用Gemini驱动的威胁情报和安全运营智能体提升其网络安全能力；Capgemini正利用我们的AI软件工程智能体通过自动化从代码生成到测试等任务，更快速地交付更高质量的软件；而BBVA表示，Gemini与Google Workspace每周可帮助员工节省近3小时的重复性工作时间，目前已在全球为10万名员工部署这套系统。
We are also focused on building a flourishing AI agent ecosystem. We introduced an open source agent development kit, which now has over 1 million downloads in less than 4 months. We also introduced Agentspace, an open and interoperable enterprise chat search and agent platform. Gordon Food Service is bringing Agentspace to its U.S. employees, which is enabling better, more efficient decision-making. And over 1 million subscriptions have been booked for Agentspace ahead of its general availability.
我们还致力于构建一个繁荣的AI智能体生态系统。我们推出了一套开源的智能体开发工具包，在不到4个月内下载量已超过100万次。我们还推出了Agentspace，这是一个开放、可互操作的企业聊天搜索与智能体平台。Gordon Food Service正将Agentspace引入其美国员工的工作中，从而实现更好、更高效的决策。截至正式发布前，Agentspace的预订订阅已超过100万份。
Turning now to YouTube. Nielsen data shows YouTube has led U.S. streaming watch time for over 2 years. A generation that grew up with YouTube on their devices is now increasingly watching their favorite creators and content on their televisions. That includes billions of sports fans, too. Globally, they consume more than 40 billion hours of sports content on YouTube annually. And in September, we'll stream the NFL's first Friday game of the season, live from Brazil.
接下来是YouTube。根据Nielsen的数据，YouTube已经连续两年在美国流媒体观看时间中位居第一。一代伴随YouTube成长的用户如今越来越多地在电视上观看他们喜爱的创作者和内容，其中包括数十亿体育迷。全球每年通过YouTube观看的体育内容超过400亿小时。今年9月，我们将直播NFL赛季首场周五比赛，地点为巴西。
From sports to shorts, we now average over 200 billion daily views on YouTube Shorts. AI is helping improve our recommendations and auto dubbing, which translates to better returns for creators and brands by dramatically increasing the potential audiences they can reach. And today, we began rolling out a whole draft of new AI tools for creators on YouTube Shorts.
从体育到短视频，我们目前在YouTube Shorts上的日均观看量已超过2000亿次。AI正在助力提升我们的推荐系统和自动配音功能，大幅扩大创作者和品牌可以触达的潜在观众群，从而带来更好的回报。今天，我们开始为YouTube Shorts的创作者推出一整套全新的AI工具。
Finally, YouTube continues to diversify its subscription options, recently expanding its premium light offerings to 15 new countries with more to come. And lastly, Waymo continues to scale and expand to safely serve more riders in more places. Last month, Waymo launched in Atlanta, more than doubled its Austin service territory and expanded its Los Angeles and San Francisco Bay Area territories by approximately 50%. Waymo also launched teen accounts, starting with riders aged 14 to 17 in Phoenix. Overall, great momentum here. The Waymo driver has now autonomously driven over 100 million miles on public roads. And the team is testing across more than 10 cities this year, including New York and Philadelphia. We hope to serve riders in all 10 in the future.
最后，YouTube继续多元化其订阅产品，最近将其轻量级Premium服务扩展到了15个新国家，未来还将拓展更多地区。最后是Waymo，它继续扩张服务规模，以安全地为更多用户提供服务。上个月，Waymo在亚特兰大上线运营，奥斯汀的服务区域扩大了一倍以上，洛杉矶和旧金山湾区的服务范围也扩大了约50%。Waymo还在凤凰城推出了青少年账户，适用于14至17岁的乘客。整体而言发展势头强劲。Waymo自动驾驶系统至今已在公共道路上自动驾驶超过1亿英里。今年，Waymo团队正在包括纽约和费城在内的10多个城市进行测试。我们希望未来能在这10个城市全部提供服务。
As I said, a standout quarter. A big thank you, as always, to our employees and partners for an amazing Q2. Philipp, over to you.
正如我所说，这是一个卓越的季度。像往常一样，衷心感谢我们的员工和合作伙伴，为我们带来了出色的第二季度。Philipp，交给你了。
Philipp Schindler
Thanks, Sundar, and hello, everyone. I'll quickly cover performance for Google Services for the quarter, then structure the rest of my remarks around the great progress we're delivering across search, ads, YouTube and partnerships. Google Services revenues were \$83 billion for the quarter, up 12% year-on-year, driven by strong growth in Search and YouTube, partially offset by year-on-year decline in network revenues.
谢谢你，Sundar，大家好。我将简要回顾本季度Google服务业务的表现，然后围绕搜索、广告、YouTube和合作伙伴关系等方面的重大进展展开说明。本季度，Google服务业务收入为830亿美元，同比增长12%，这一增长主要来自搜索和YouTube的强劲表现，但部分被网络收入的同比下降所抵消。
To add some further color to our results. The 12% increase in Search and other revenues was led by growth across all verticals with the largest contributions from retail and financial services. YouTube saw similar performance across verticals. It's 13% growth in advertising revenues was driven by direct response followed by brand. Starting with search and other revenues, which delivered over \$54 billion in revenue for the quarter. Shifts like AI are what propels our industry forward. Gemini's native multimodality is helping bring the offline audio and visual world back into the online world, creating a number of opportunities for Search. Let me share a few examples.
进一步分析我们的业绩，搜索及其他收入增长12%，涵盖所有垂直行业，其中零售和金融服务贡献最大。YouTube在各垂类的表现也相似，其广告收入增长13%，主要由直接回应广告驱动，其次是品牌广告。仅搜索及其他收入在本季度就贡献了超过540亿美元的收入。像AI这样的结构性变革正在推动整个行业向前发展。Gemini原生的多模态能力正在帮助将线下的音频与视觉世界带回线上，为搜索创造了大量新机遇。让我分享几个例子。
Take visual queries. Google Lens search is one of the fastest-growing query types on Search and grew 70% since this time last year. Majority of lens searches are incremental, and we're seeing healthy growth for shopping queries using lens. And you can obviously take this to the next level by moving from image to video-based capabilities like Search Live. And then there's Circle to Search, which is now in over 300 million Android devices. We've been adding capabilities to help people explore complex topics and ask follow-up questions without switching apps. For example, gamers can now use Circle to Search while playing mobile games to see an AI overview or answers. And just last week, we brought in new agentic capability directly into search for all U.S. users with AI-powered calling to local businesses.
以视觉搜索为例，Google Lens搜索是增长最快的搜索类型之一，自去年同期以来增长了70%。大部分Lens搜索都是新增的，我们也看到使用Lens进行购物搜索的增长趋势良好。我们还可以进一步从图像搜索拓展到视频搜索功能，例如Search Live。另外，Circle to Search现在已支持超过3亿台Android设备。我们不断增强其功能，让用户无需切换应用就能探索复杂话题并提出后续问题。例如，玩家在玩手机游戏时就可以通过Circle to Search获取AI总览或解答。就在上周，我们还为所有美国用户在搜索中引入了新的智能体功能——AI拨打本地商家的电话。
Finally, shopping, where in Q2, we introduced a virtual trial experience for search labs users in the U.S. Now people can try billions of clothing products on themselves virtually. Early results and engagement have been extremely positive, particularly with Gen Z users and we'll be bringing this functionality to all U.S. users imminently.
最后是购物方面，在第二季度，我们为美国的Search Labs用户推出了虚拟试穿体验。现在，用户可以在线上为自己虚拟试穿数十亿件服装。初期反馈和用户互动都非常积极，尤其受到Z世代用户的欢迎。我们将很快把这一功能推广至所有美国用户。
All these innovations are opening up completely new ways for people to use technology, bringing the off-line world into the online world in ways that simply have not been possible before. Add in our amazing AI translation capabilities and just imagine the possibilities. People can access more content in the language and businesses, large and small, international or local can reach even more customers. I'm excited about how all of these elements will come together and the opportunities ahead of us in Search.
所有这些创新正在为人们开辟全新的技术使用方式，把线下世界以前无法实现的方式引入到线上世界。再加上我们强大的AI翻译能力，想象一下未来的可能性：人们可以用母语获取更多内容，而无论是大型还是小型、国际化或本地化的企业，都能触达更多客户。我对这些元素如何汇聚并在搜索领域创造的巨大机遇感到非常振奋。
Moving to ads where our strategy to reinvent the entire marketing process with AI is delivering value for our customers and our business. Last quarter, we introduced AI Max and Search, a new suite of AI-powered features in existing search campaigns. Advertisers that activate AI Max and Search campaigns typically see 14% more conversions. On media buying, Smart Bidding Exploration, the biggest update to bidding strategy in a decade brings better performance to advertisers by allowing them to bid on a less obvious but potentially higher value queries more often.
接下来是广告业务，我们通过AI重塑整个营销流程的战略正在为客户和公司带来价值。上个季度，我们在现有搜索广告系列中推出了名为“AI Max and Search”的一整套AI驱动的新功能。启用这一功能的广告主通常可以获得14%的转化提升。在媒体购买方面，Smart Bidding Exploration是十年来最大的一次竞价策略升级，它让广告主更频繁地出价竞逐那些不太显眼但潜在价值更高的搜索词，从而带来更优的广告表现。
Campaigns using Smart Bidding Exploration, see a 19% increase in conversions on average. Demand gen continues to drive revenue growth and deliver measurable impact for our customers. As an example, Depop, Etsy's resell clothing marketplace used a short only demand gen campaign to drive new customers to the site. Short drove 80% buyer brand load and double click-through rates versus benchmarks. On creatives, we launched Asset Studio using our latest models to help businesses, large and small, generate creative assets. Small businesses benefit from top quality assets and deployment scaling capabilities, but larger businesses can go faster from proof of concept to launch and resize at lower cost. Over 2 million advertisers now use Google's AI powered asset generation tools to run ads, a 50% increase on this time last year.
采用Smart Bidding Exploration的广告系列平均转化率提升19%。需求生成广告（Demand Gen）持续推动收入增长，并为客户带来可量化的效果。例如，Etsy旗下的二手服装市场Depop就通过一场仅使用短视频的需求生成广告吸引了大量新用户。该广告带来了80%的品牌认知增长，点击率也较基准翻倍。在创意方面，我们推出了Asset Studio，借助最新AI模型帮助大小企业生成广告创意素材。小型企业从高质量素材与部署能力中受益，大型企业则能更快从概念验证推进到发布，并以更低成本进行尺寸适配。目前已有超过200万名广告主使用Google的AI创意生成工具投放广告，较去年同期增长了50%。
Turning to YouTube, where we saw continued strong revenue growth driven by direct response followed by brand. YouTube creators are connected to the global site guys and trusted by their audiences like no others. As part of Brand Connect, we launched Creator partnership hub, which allows brands to more easily work with the right creators and tap into cultural moments. We introduced Veo 3, photo to video and generative effects to shorts, making content creation easier and offering unexplored avenues for creativity. We're seeing both the volume and the price of ads and shorts increase, particularly in developed markets. The feed-based nature of the product allows for more ad opportunities on average, and this growth is further supported by ad formats native to shorts, AI-powered ad creative resizing tools, improved ad targeting and the rise in viewer engagement.
再来看YouTube，我们的广告收入持续强劲增长，主要由直接回应广告带动，其次是品牌广告。YouTube创作者与全球文化趋势紧密相连，且深受受众信任，这种影响力无可比拟。作为Brand Connect的一部分，我们推出了“创作者合作中心”，帮助品牌更轻松地找到合适的创作者，参与文化热点。我们还在Shorts中引入了Veo 3、照片转视频和生成式特效，进一步降低创作门槛，拓展创意空间。目前我们观察到广告数量和广告单价在Shorts中均呈上升趋势，尤其是在发达市场。该产品基于信息流的特性本身就提供了更多广告机会，这一增长也得益于Shorts原生广告格式、AI驱动的创意尺寸调整工具、更精准的广告投放，以及观看参与度的提高。
McDonald's U.S.A. harnessed the influence of YouTube creators to ignite awareness for the Minecraft movie meal. It leveraged YouTube Shorts partnership adds to increase its reach, generating a 3.3x higher view through rate than the industry benchmark.
美国麦当劳利用YouTube创作者的影响力，为其Minecraft联名电影套餐造势。通过与YouTube Shorts的合作广告，麦当劳显著扩大了触达范围，其视频完播率达到行业基准的3.3倍。
Finally, on CTV where the momentum continues. According to the gauge report by Nielsen, YouTube has been #1 in streaming watch time in the U.S. for more than 2 years, hitting a record high of 12.8% of total TV viewing in June 2025. In the past 12 months, YouTube ads viewed on CTV screens drove over 1 billion conversions. We saw strong growth in retail thanks to CTV shopping ads, which allows viewers to shop directly via QR codes, helping us leverage direct marketing opportunities. As always, I'll wrap up with the momentum we're seeing in partnerships, where our customers increasingly recognize the strength and breadth of Google's ability to help them transform their business with AI.
最后是联网电视（CTV）业务，增长势头依旧强劲。根据Nielsen的《The Gauge》报告，YouTube在美国的流媒体观看时间已连续两年位居第一，2025年6月创下12.8%的电视总观看占比新高。在过去12个月里，YouTube在CTV设备上播放的广告促成了超过10亿次转化。我们在零售行业的增长也受益于CTV购物广告，它允许观众通过扫描二维码直接下单，从而充分利用了直接营销的机会。最后，我要强调我们在合作伙伴生态中的强劲动能，客户越来越认可Google在AI赋能企业转型方面的实力与广度。
For instance, a new partnership with PayPal will improve the digital commerce experience for their merchants and customers. PayPal will expand its Google Cloud adoption for AI-driven recommendations, transaction processing and enhanced security. The partnership also broadens the availability and functionality of PayPal's payment services and capabilities across a range of Google products.
例如，我们与PayPal建立的新合作关系将提升其商户和客户的数字商务体验。PayPal将扩大其对Google Cloud的使用，涵盖AI驱动的推荐系统、交易处理和安全增强。此次合作也将进一步扩展PayPal支付服务在Google各类产品中的可用性和功能范围。
In closing, I'd like to thank Googlers everywhere for their contributions and commitment to our success and to our customers and partners for their continued trust. Anat, over to you.
最后，我要感谢全球所有Googler为我们成功所做的贡献和付出，也感谢客户和合作伙伴持续的信任与支持。Anat，请继续。
Anat Ashkenazi
Thank you, Philipp. My comments will focus on year-over-year comparisons for the second quarter unless I state otherwise. I will start with the results at the Alphabet level and will then cover our segment results. I'll end with some commentary on our outlook for the second half of 2025. We had another solid quarter in Q2. Consolidated revenue of \$96.4 billion increased by 14% or 13% in constant currency.
谢谢你，Philipp。除非另有说明，我的发言将主要围绕第二季度的同比情况。我将先从Alphabet整体业绩说起，然后介绍各个业务板块的表现，最后谈谈我们对2025年下半年的展望。第二季度我们再次交出了一份稳健的成绩单。合并收入为964亿美元，同比增长14%；按固定汇率计算则增长13%。
Search and YouTube advertising, subscription platforms and devices and Google Cloud each had double-digit revenue growth this quarter reflecting strong momentum across the business. Total cost of revenue was \$39 billion, up 10%. Tech was \$14.7 billion, up 10%; and other cost of revenue was \$24.3 billion, up 10%, with the increase primarily driven by content acquisition costs, largely for YouTube, followed by depreciation.
搜索与YouTube广告、订阅平台与设备、以及Google Cloud在本季度均实现两位数增长，展现出公司整体业务的强劲势头。本季度总营收成本为390亿美元，同比增长10%。其中技术基础设施成本为147亿美元，增长10%；其他营收成本为243亿美元，也增长10%，主要由于YouTube的内容采购成本上升，其次是折旧费用增长。
Total operating expenses increased 20% to \$26.1 billion. The biggest driver of growth was expense for legal and other matters, which reflected the impact of \$1.4 billion charge related to a settlement in principle of certain legal matters.
总运营支出增长20%，达到261亿美元。其中增幅最大的是法律及其他相关支出，这主要反映出一项法律事项原则性和解所产生的14亿美元费用。
R\&D investments increased by 16%, primarily driven by increases in compensation and depreciation expenses. Sales and marketing expenses increased 5%, primarily reflecting an increase in advertising and promotional expenses.
研发投入同比增长16%，主要由于员工薪酬与折旧支出的上升。销售与市场费用增长5%，主要反映出广告和促销开支的增加。
Operating income increased 14% this quarter to \$31.3 billion and operating margin was 32.4%. Operating margin benefited from strong revenue growth and continued efficiencies in our expense base, partially offset by the legal charge I mentioned earlier, and a significant increase in depreciation expense. Net income increased 19% to \$28.2 billion, and earnings per share increased 22% to \$2.31.
本季度营业利润增长14%，达到313亿美元，营业利润率为32.4%。利润率提升得益于强劲的收入增长以及持续的成本效率提升，部分被前述法律费用及大幅增长的折旧支出所抵消。净利润增长19%，至282亿美元；每股收益增长22%，达到2.31美元。
We generated free cash flow of \$5.3 billion in the second quarter and \$66.7 billion for the trailing 12 months. Free cash flow in the second quarter was affected by a sizable sequential increase in CapEx and cash tax payments as we make federal tax payments in the second quarter for both Q1 and Q2. We ended the quarter with \$95 billion in cash and marketable securities.
第二季度我们实现自由现金流53亿美元，过去12个月累计自由现金流为667亿美元。第二季度自由现金流受到资本支出和现金税款的显著增长影响，因为我们在该季度一次性缴纳了第一季度和第二季度的联邦税款。截至季度末，我们持有的现金和可变现证券总额为950亿美元。
Turning to segment results. Google Services revenues increased 12% to \$82.5 billion reflecting strength in Google Search and YouTube advertising and subscriptions.
来看各业务板块。Google服务收入增长12%，达到825亿美元，反映出Google搜索、YouTube广告和订阅业务的强劲表现。
Google Search and other revenues increased by 12% to \$54.2 billion. Search and other revenues delivered growth across all verticals with the largest contributions coming from retail and financial services. YouTube advertising revenues increased 13% to \$9.8 billion, driven by direct response advertising, followed by brand. Network advertising revenue of \$7.4 billion were down 1%.
Google搜索及其他收入增长12%，达到542亿美元，涵盖所有垂类行业，其中零售与金融服务贡献最大。YouTube广告收入增长13%，至98亿美元，主要由直接回应广告驱动，其次是品牌广告。网络广告收入为74亿美元，同比下降1%。
Subscription platforms and devices revenues increased 20% to \$11.2 billion, primarily reflecting growth in subscription revenues. This growth was driven by YouTube subscription offerings followed by Google One, with the growth in paid subscriptions being the biggest driver of revenue growth. Google Services operating income increased 11% to \$33.1 billion.
订阅平台与设备收入增长20%，达到112亿美元，主要得益于订阅收入的增长，其中YouTube的订阅产品增长最为突出，其次是Google One，付费订阅用户增长是推动收入增长的关键因素。Google服务板块的营业利润增长11%，达到331亿美元。
Operating margin was flat year-on-year at 40.1% as healthy revenue growth and continued efficiency in our expense base were partially offset by the legal charge I mentioned earlier. Turning to the Google Cloud segment, which delivered very strong results this quarter. Revenues increased by 32% to \$13.6 billion in the second quarter, reflecting growth in GCP across core and AI products at the rate that was much higher than cloud's overall revenue growth and growth in Google Workspace, driven by an increase in average revenue per seat and the number of seats.
营业利润率同比持平，为40.1%，原因是健康的收入增长与持续的成本效率提升被前面提到的法律支出部分抵消。接下来是Google Cloud板块，本季度表现非常强劲。收入增长32%，达到136亿美元，这反映出GCP在核心和AI产品方面的强劲增长，增速远超云业务整体增速；同时，Google Workspace的增长则来自于每用户平均收入（ARPU）和用户数的双重提升。
Google Cloud operating income increased to \$2.8 billion, and operating margin increased from 11.3% to 20.7%. The expansion in cloud operating margin was driven by strong revenue performance and continued efficiencies in our expense base partially offset by higher technical infrastructure usage costs, which includes the associated depreciation. As we ramp our AI investments, we continue to focus on driving improvements in productivity and efficiency to offset growth in technical infrastructure-related expenses, particularly from higher depreciation. Google Cloud backlog increased 18% sequentially in Q2 and 38% year-over-year, reaching \$106 billion at the end of the quarter.
Google Cloud的营业利润上升至28亿美元，营业利润率从11.3%提升至20.7%。利润率的扩大受益于收入的强劲增长和成本效率的持续提升，部分被技术基础设施使用成本上升（包括相关折旧）所抵消。随着我们加大AI投资力度，我们仍专注于提升生产力和效率，以抵消技术基础设施相关支出的增长，尤其是折旧支出的增长。Google Cloud的订单积压在第二季度环比增长18%，同比增长38%，截至季度末达到1060亿美元。
This growth was driven by strong demand for our products and services from both new and existing customers. As Sundar mentioned, we have signed multiple billion dollar plus deals in the first half of the year. As to our Other Bets in the second quarter, revenue were \$373 million, and operating loss was \$1.2 billion. Within Other Bets, we're allocating more resources to businesses like Waymo, where we see opportunities to create additional value. With respect to CapEx in the second quarter, our CapEx was \$22.4 billion. The vast majority of our CapEx was invested in technical infrastructure with approximately 2/3 of investments in servers and 1/3 in data centers and networking equipment. In Q2, we returned capital to shareholders through repurchase of stock of \$13.6 billion and dividend payments of \$2.5 billion.
这一增长来自新老客户对我们产品和服务的强劲需求。正如Sundar提到的，我们在上半年签署了多项十亿美元以上的交易。关于Other Bets板块，第二季度收入为3.73亿美元，营业亏损为12亿美元。在Other Bets中，我们正向Waymo等业务投入更多资源，在这些领域我们看到了额外创造价值的机会。至于资本支出，第二季度CapEx为224亿美元，其中绝大部分用于技术基础设施建设，大约三分之二投向服务器，三分之一用于数据中心和网络设备。我们还通过136亿美元的股票回购和25亿美元的股息支付回馈股东。
Turning to our outlook. I would like to provide some commentary on several factors that will impact our business performance in the second half of 2025 as well as an updated outlook for full year CapEx. First, in terms of revenues, we're pleased with the overall momentum we're seeing across the business. At current spot rates, we could see a tailwind to our revenue in Q3. However, volatility in exchange rates could affect the impact of FX on Q3 revenue. As for our segments in Google Services, advertising revenues in the second half of 2025 will be affected by the following: The continued lapping of the strength we experienced in financial service verticals throughout 2024 and year-over-year comparisons will be negatively impacted by the strong spend on U.S. Election in the second half of 2024 and particularly on YouTube.
接下来是展望部分。我想就影响2025年下半年业绩表现的几个因素，以及全年资本支出预期做些说明。首先，在收入方面，我们对整体业务的增长势头感到满意。以当前即期汇率来看，第三季度收入可能会受益于一定的顺风因素。然而，汇率波动可能影响第三季度收入中的外汇影响。在Google Services板块方面，2025年下半年的广告收入将受到以下因素的影响：首先，我们将继续对比2024年金融服务垂类表现强劲的基期；其次，2024年下半年（尤其在YouTube上）由于美国大选带来的广告投入增加，将对同比数据形成不利对比。
In Cloud, as I mentioned, the demand for our products is high as evidenced by the continued revenue growth and the cloud backlog of \$106 billion. While we have been working hard to increase capacity and have improved the pace of server deployment, we expect to remain in a tight demand supply environment going into 2026.
在云业务方面，正如我之前提到的，我们产品的市场需求非常旺盛，从持续的收入增长以及1060亿美元的订单积压中可见一斑。虽然我们正努力提升产能并加快服务器部署节奏，但我们预计进入2026年之前，供需关系仍将保持紧张状态。
Moving to investments. Given the strong demand for our cloud products and services, we now expect to invest approximately \$85 billion in CapEx in 2025, up from a previous estimate of \$75 billion.
接下来谈投资。鉴于我们云产品与服务的强劲需求，我们目前预计2025年的资本支出将达到约850亿美元，高于此前750亿美元的预估。
Our updated outlook reflects additional investment in servers, the timing of delivery of servers and an acceleration in the pace of data center construction, primarily to meet cloud customer demand. Looking out to 2026, we expect a further increase in CapEx due to the demand we're seeing from customers as well as growth opportunities across the company. We will provide more details on the 2026 CapEx outlook on a future earnings call. In terms of expenses, first, as I mentioned in our previous earnings call, the significant increase in our investments in CapEx over the past few years will continue to put pressure on the P\&L, primarily in the form of higher depreciation.
我们上调支出的预期，反映出对服务器的额外投资、服务器交付时间的变化，以及数据中心建设节奏的加快，这些主要是为了满足云客户的需求。展望2026年，随着客户需求的持续增长以及公司整体的发展机遇，我们预计资本支出将进一步上升。我们将在未来的财报电话会议中提供更多关于2026年CapEx的细节。在费用方面，首先，正如我在上次财报中提到的，过去几年我们大幅增加资本支出，这将继续对利润表带来压力，主要体现在更高的折旧上。
In the second quarter, depreciation increased \$1.3 billion year-over-year to \$5 billion, reflecting a growth rate of 35%. Given the recent increase in CapEx investments, we expect the growth rate and depreciation to accelerate further in Q3. Second, as we've previously said, we expect some headcount growth in 2025 in key investment areas. In the third quarter, we expect a sequential increase in total headcount additions due in part to the hiring of new graduates.
第二季度的折旧支出同比增加13亿美元，达到50亿美元，增长率为35%。考虑到近期资本支出的上升，我们预计折旧的增长率在第三季度将进一步加快。其次，正如我们此前所说，2025年我们将在关键投资领域增加部分员工数量。预计第三季度的总员工人数将环比上升，部分原因是新毕业生的招聘。
And third, Q3 will reflect the expense associated with the upcoming August launch of the new Pixel family of products. In conclusion, as you heard from Sundar and Philipp, we're pleased with the momentum in the business and excited about the pace of innovation. Our full stack approach, which combines AI infrastructure, AI research and AI products and platforms position us well to deliver new products and services across the company. We're seeing great momentum with our efforts as demonstrated by the increase in cumulative token processed. Search revenues are seeing healthy growth with features like AI Overviews, AI Mode and Lens, offering new ways for users to access the information.
第三，第三季度将反映与8月即将推出的新一代Pixel产品系列相关的开支。总之，正如你们从Sundar和Philipp那里听到的那样，我们对业务当前的发展势头感到满意，也对创新的节奏感到振奋。我们整合AI基础设施、AI研究以及AI产品与平台的全栈战略，为全公司范围内推出新产品和服务打下坚实基础。我们的努力已初见成效，例如累计处理的token数量持续攀升。搜索业务收入持续稳健增长，AI总览、AI模式与Lens等功能为用户提供了全新的信息获取方式。
Cloud has reached an annual revenue run rate of more than \$50 billion and is delivering margin expansion while continue to invest to meet customer demand. And YouTube has expanded its addressable market by building new services like shorts which now averages over 200 billion daily views. We're excited to see the value our products and services are bringing to customers and partners around the globe. Now I'll turn it over to the operator, and Sundar and Philipp and I will take your questions.
云业务的年化收入运行率已超过500亿美元，在持续投资以满足客户需求的同时，也带来了利润率的扩张。YouTube则通过推出Shorts等新服务拓展了其可服务市场，目前Shorts的日均观看次数已超过2000亿。我们对公司产品与服务为全球客户和合作伙伴带来的价值感到非常激动。现在我将把话筒交还给接线员，由Sundar、Philipp和我一起回答大家的问题。
Question-and-Answer Session
问答环节
Operator
主持人
\[Operator Instructions] Your first question comes from Eric Sheridan with Goldman Sachs.
\[操作员指令] 您的第一个问题来自高盛的Eric Sheridan。
Eric James Sheridan
Maybe one for Sundar and one for Philipp. Sundar, when you think about the journey you're on with respect to the evolution of products and platforms. How do you think about some of the implications of changed consumer behavior and how investors should think about that from the volume perspective versus the monetization perspective. So I think there's a lot of long-standing dynamics out there about clicks and click monetization that might be very different when you look out over the next 3 to 5 years.
也许我各提一个问题给Sundar和Philipp。Sundar，关于你们产品和平台演进的历程，你如何看待消费者行为变化所带来的一些影响？投资者在思考这一变化时，应该更多关注使用量还是变现能力？我认为，现在关于点击量和点击变现的传统动态，在未来三到五年可能会发生重大变化。
And Philipp, when you think about the evolution of YouTube, you made a number of comments there about subscription revenue. I'm just curious how you think about the mix of advertising versus subscription? And what some of your key learnings might have been as the subscription side of the business continues to scale?
至于Philipp，当你谈到YouTube的发展时，你提到了不少关于订阅收入的内容。我想了解你如何看待广告与订阅收入之间的组合？以及在订阅业务持续扩张过程中，你们有哪些关键的经验教训？
Sundar Pichai
Thanks, Eric. I appreciate the question. I don't think looking ahead, based on everything we are seeing, it's -- people are excited about AI. They are adopting it well across our products. For me just in multimodality how people have modified their behavior to include images, both through Lens and Circle to Search seamlessly as part of interacting with Google are early indications that people are going to be adopting through these moments very, very well.
谢谢你，Eric。我很感谢这个问题。就我们目前所见的情况来看，人们对AI感到非常兴奋，也在我们各类产品中积极采用它。就我个人而言，在多模态方面，用户已经将图像使用无缝地整合到与Google的交互中，比如通过Lens和Circle to Search，这些行为变化是人们很好地适应这些AI场景的早期迹象。
I think I'm trying to understand your question in terms of about clicks and click monetization, maybe that's something Philipp can touch on. But overall, we expect as we build out our organic experiences. We have a good understanding of how to continue training on monetization, so that will work well with organic experiences. And -- but we will lead with the organic experience.
关于你提到的点击和点击变现问题，我试着理解你的意思，这部分可能由Philipp来详细说明。但从整体来看，随着我们持续打造自然体验，我们对如何继续训练变现模型有很好的理解，这可以与自然体验很好地配合。不过，我们的首要任务仍然是以自然体验为主导。
So in terms of newer surfaces like Gemini app, et cetera, we'll focus on the organic experience for the near term. But just like we are doing with AI Overviews and with AI Mode over time, we'll be able to bring very, very good commercial experiences there as well. And we think people will adapt to them as they've always done. Maybe Philipp can add more. Philipp?
因此，在诸如Gemini app这样的新平台方面，近期我们会专注于提供自然的用户体验。但正如我们在AI Overviews和AI模式中所做的那样，随着时间推移，我们也将在这些新平台中引入非常优秀的商业化体验。我们相信用户会像以往一样适应这些变化。也许Philipp可以补充更多内容。Philipp？
Philipp Schindler
Yes. So on your question on YouTube subscriptions versus ads, look, I mean we love our ads business. We love our subscription business. YouTube subscriptions are increasingly important for YouTube. We'll definitely continue our long-term focus here. We had a strong growth across the YouTube subscription products, which includes, just to be clear, YouTube TV, YouTube Music and Premium. And I think one common theme for our subscription services in general is offering viewers more choice here.
好的。关于你提出的YouTube订阅与广告之间的关系，我们非常重视广告业务，也非常重视订阅业务。YouTube的订阅收入对我们越来越重要，我们将继续长期专注于此。我们在各类YouTube订阅产品上实现了强劲增长，包括YouTube TV、YouTube Music和Premium。总体而言，我们订阅服务的一个共同主题就是为观众提供更多选择。
We also have a very deep understanding of the monetization side here. Where are we monetizing more with ads, where can we potentially monetize more with subscriptions. So I think we will continue this as a double tier strategy actively going forward.
我们在变现方面也有非常深入的理解：在哪些领域广告变现更强，哪些场景适合用订阅来变现。因此，我们将继续积极推进双重策略的发展。
Operator
主持人
Our next question comes from Doug Anmuth with JPMorgan.
接下来的提问来自摩根大通的Doug Anmuth。
Douglas Till Anmuth
One for Sundar and one for Philipp. Sundar, can you just talk about how you're thinking about your current access to compute even as you spend \$10 billion more this year in CapEx, you also said that you're still in a tight supply environment. So just trying to marry those?
我想各问Sundar和Philipp一个问题。Sundar，你能谈谈你们目前在计算资源方面的可获取性吗？尽管你们今年的资本支出增加了100亿美元，你也提到目前仍处于一个供应紧张的环境。我想弄清楚这两者是如何并存的？
And then Philipp, perhaps on search growth, can you talk a little bit about Payclick and pricing growth just within the 12% search growth? And how we should think about volume versus monetization trends going forward?
Philipp，关于搜索业务的增长，你能否具体谈一下在12%的搜索增长中，付费点击和价格增长的贡献？以及我们在展望未来时，应该如何看待使用量和变现能力之间的趋势关系？
Sundar Pichai
Doug, on the CapEx stuff, obviously, we are seeing strong momentum across our portfolio and especially in cloud. You are right. It's a tight supply environment. And we are investing more to expand, but there is obviously a time delay between this additional investment will play out in future years. And so that's why both of them are true at the same time. And -- but we are planning ahead, and we are investing and -- but overall, it's exciting to see the traction, particularly in cloud.
Doug，关于资本支出的问题，很显然，我们整个业务组合都展现出强劲的增长势头，尤其是在云业务方面。你说得对，目前确实是一个供应紧张的环境。我们正在加大投资来扩大资源，但这些新增投资显然会有时间滞后，要在未来几年才能完全体现出来。这也正是为什么两者可以同时成立的原因。但我们正在提前规划，并积极投资。总体而言，尤其是在云端领域，看到这种强劲势头还是令人振奋的。
I think the comprehensiveness of our AI portfolio breadth of our offerings, both providing our models on GPUs and TPUs for our customers. All of that has been really driving demand. And so we are investing to match up to it.
我认为，我们AI产品组合的广度和整体性，包括为客户提供基于GPU和TPU的模型，这一切都在持续推动需求增长。因此，我们也在加大投资以匹配这种需求。
Philipp Schindler
And on your paid click question, look, to be very clear, I think we said this before, we manage the business to drive great outcomes for our users and an attractive ROI for our advertisers. We actually don't manage to pay clicks and CPC targets.
关于你提出的付费点击问题，我们要明确一点，我想我们以前也说过：我们管理业务的目标，是为用户带来良好的体验结果，同时为广告主提供有吸引力的投资回报率。我们并不是以付费点击数和每次点击成本（CPC）为管理目标。
Some of the product and policy changes we make actually drive better monetization at the expense of paid clicks. You will actually see in the 10-Q, pay clicks were up 4% year-on-year.
我们的一些产品和政策调整，实际上会以减少付费点击量为代价，实现更好的变现效果。你可以在10-Q报告中看到，付费点击量同比增长了4%。
But a number of factors affect these metrics from quarter-to-quarter, such as a few examples, advertiser spending, product changes, policy changes, user engagement and so on. So it's really important when it comes to pay clicks and CPCs to avoid drawing like overly broad conclusions solely based on these metrics.
不过，这些指标在每个季度之间都会受到多种因素影响，比如广告主的支出情况、产品变化、政策调整、用户互动等。因此在分析付费点击和CPC时，避免仅依据这些指标就得出过于宽泛的结论，是非常重要的。
Operator
主持人
Our next question comes from Brian Nowak with Morgan Stanley.
接下来的提问来自摩根士丹利的Brian Nowak。
Brian Thomas Nowak
I have two. First one, Sundar, there's a lot of discussion about agentic search for commercial activities and agents that can be broadly deployed. Maybe could you just -- from a technology perspective, when you sit down with the engineering teams working on some of these new agentic capabilities that could come, what are some of the predominant technological hurdles they think need to be cleared in order to launch scalable agents for commercial queries, is the first one.
我有两个问题。第一个问题是，Sundar，最近大家关于用于商业活动的agentic search（代理式搜索）以及可以广泛部署的智能代理的讨论很多。从技术角度来说，当你与工程团队一起探讨这些即将推出的新代理功能时，他们认为在推出可扩展的商业查询代理方面，需要突破的主要技术障碍有哪些？
And second one, I think in the past, you've updated us on stats on sources of internal efficiency you've seen from GenAI-enabled capabilities. Any updates there? And then any sort of learnings on friction points that also need to be overcome for some of these internal tools for GenAI?
第二个问题是，我记得你们之前分享过利用生成式AI能力带来的内部效率提升数据。现在有什么新的进展吗？另外，在使用这些GenAI内部工具的过程中，有没有哪些摩擦点也是需要克服的？
Sundar Pichai
Let me start with the first one on agentic capabilities. Look, overall, we are definitely, in many ways when we built 2.5 -- our series of 2.5 models, particularly with Pro, et cetera. It's the direction where we are investing the most. There's definitely exciting progress, including in the models we haven't fully released yet.
我先回答关于代理功能的第一个问题。整体而言，我们在构建2.5系列模型（特别是Pro等版本）时，确实在多方面都朝着代理能力方向加大投入。这是我们目前投资最集中的方向之一。我们确实取得了一些令人兴奋的进展，包括一些尚未全面发布的模型。
And the main gaps we're all trying to do is you're obviously chaining a sequence of events. And so being able to do it reliably the latency compounds, the cost compounds and being able to do it reliably in a way for the users all of this comes together.
而目前我们需要解决的主要技术难题在于：你需要将一连串事件进行链式操作，要实现这一过程的稳定性并不容易，同时会产生更高的延迟和更大的成本。我们希望能以一种可靠的方式，将这些技术挑战统合起来，为用户带来稳定的体验。
In each of this, we are making progress, and it all needs to kind of hang together. The good news is we are making robust progress. We think we are at the frontier there. And in all of these areas, when you look back on a 12-month basis, you end up making the models much more efficient for any given capability. So the forward-looking trajectory, I think, will really unlock these agentic experiences. We see the potential being able to do them, but they're a bit slow and costly and takes time, and sometimes are brittle, right? But they're making progress on all of that. And I think that's what will really unlock. And I expect 2026 to be the year in which people kind of use agentic experiences more broadly, right? And so it's an exciting opportunity ahead.
在上述每一个方面，我们都在持续取得进展，而这些要素之间也必须协调一致。好消息是我们正取得稳健的进展，我们认为我们正处在这一领域的前沿。在所有这些领域中，如果回顾过去12个月，我们已经显著提高了模型在各项能力上的效率。展望未来的发展路径，我认为将真正实现这些代理式体验的解锁。我们已经看到了其实现的潜力，尽管目前它们仍然偏慢、成本较高、实现也需要时间，有时还存在不稳定性——但我们正在逐步攻克这些问题。我认为这将是关键的突破点。我预计到2026年，用户将会更广泛地使用这类代理式体验，这是一个令人兴奋的发展前景。
On the second part, I think, when you say a source of generalization, I presume you're talking about how we are using all of this internally. Again, given you've asked a question about agents, we are now beginning to roll out agentic coding journeys for our software engineers within the company. And it's been exciting to see just over the last few months, particularly over the last few weeks, people are definitely doing more agentic workflows and software engineering as well internally.
关于第二个问题，我理解你提到的“泛化来源”是指我们在内部如何使用这些技术。回到你关于代理的提问，我们目前已经开始面向公司内部的软件工程师推广代理式编码流程。令人兴奋的是，在过去几个月，特别是最近几周，我们看到大家确实越来越多地采用代理式的工作流和软件开发方式。
And that's a good example of the kind of the same experiences a few months ago, had a lot of friction points, but we are overcoming it and people are beginning to use internally on the coding side as well as in certain other areas of the company as well. So exciting progress. I expect it to be an active area where we will roll out journeys for our users as well. So look forward to it.
这也是一个很好的例子，说明几个月前这些体验中存在不少摩擦点，但我们正在克服这些障碍，现在大家开始在编码方面和公司其他部分积极使用这些工具。这是一个令人振奋的进展，我预计这是一个非常活跃的方向，我们也将面向外部用户推出相应的体验路径，值得期待。
Operator
主持人
Our next question comes from Michael Nathanson with MoffettNathanson.
接下来的提问来自MoffettNathanson的Michael Nathanson。
Michael Brian Nathanson
Sundar, I have two for you. At IO, you announced a partnership to Warby Parker to develop glasses. So I wonder if you show your view of how important a cycle of new devices will be to further scale AI and do you envision a world in which the more functional are essential to our consumer experience. That's one.
Sundar，我有两个问题。在IO大会上，你们宣布与Warby Parker合作开发智能眼镜。我想了解你是否可以谈谈你对新设备周期的重要性的看法？这些新设备在推动AI规模化方面是否关键？你是否设想一个更加功能化的硬件将在消费者体验中成为必需品的世界？
And secondly, how does Google Search with AI Mode usage different -- differs, sorry, versus Gemini stand-alone apps. So I'm wondering, are you seeing any differences in usage or the types of consumers who go to the app versus who go to traditional search with AI?
第二个问题是，Google Search中的AI模式和Gemini独立App的使用方式有何不同？你们是否观察到用户在使用习惯上、或是哪类用户倾向于使用App而非使用AI搜索之间有明显差异？
Sundar Pichai
On the first thing, look, I think any time IO changes, you can drive new experiences, including on hardware experiences too. So I think AI will particularly enable. You long had the promise of glasses and other form factors. But I think AI will spur a whole new wave of innovation there. We are super excited about our investment in glasses and found the experiences have taken a dramatic step- up compared to the last iteration.
首先，我认为每当IO平台发生变革时，都有可能带来新的体验，包括硬件层面的体验。我认为AI特别能够推动这方面的发展。过去，人们对智能眼镜和其他硬件形态抱有很高期望，而我认为AI将激发出新一波创新浪潮。我们对在智能眼镜方面的投入感到非常兴奋，发现这代产品的体验相比上一代有了显著飞跃。
So I think it's been an exciting new emerging category, but I still expect phones to be at the center of the experience for the next 2 to 3 years at least. And so I still think that's going to be phones, would continue to be at the center of the consumer experience. But we are excited about the emerging categories as well.
因此，我认为这是一个令人兴奋的新兴品类，但我仍然预计在未来至少两到三年内，手机仍将是核心体验的中心。所以我依然认为手机将继续是消费者体验的核心。不过我们对这些新兴品类也同样充满期待。
On your second question on AI Mode versus Gemini stand-alone app, broadly, there are some use cases where you can get a great experience in both places, but there are use cases which are very specific. I think where the queries are information-oriented but people really want to rely on the information, but I have the full power of AI. I think AI mode really shines in that. You can go there, and you know it's backed up. The Gemini models are using search deeply as a tool. And so it's on grounded in that search experience. And I think users are responding very positively to it.
关于你第二个问题，AI模式与Gemini独立App的区别，整体来看，在某些场景中，两者都能提供很好的体验；但在另一些场景中，它们的优势则有所不同。比如说，当查询是以信息为导向，用户又希望依赖可靠信息、同时又想获得AI的全部能力时，我认为AI模式在这方面表现得尤为出色。用户可以在其中获得有搜索支撑的答案。Gemini模型将搜索作为核心工具深度整合，因此整个体验是基于搜索的。而且我们看到用户对此的反馈非常积极。
And whereas the Gemini stand-alone app, you see everything from -- people can have a long conversation of chat just trying to pass time, right, in the Gemini app.
而Gemini独立App中，你会看到各种用法，比如用户会进行长时间的聊天，只是为了打发时间，这种场景在App里经常发生。
You've seen early cases where people may get into it in a therapy like experience, right? So these are all emerging experiences of what people do. And I think this is why I'm glad we have both surfaces and we can innovate in both of these areas. And of course, there will be areas which will be commonly served by both applications. And over time, I think we can make experience more seamless for our users.
我们也看到一些早期案例，用户在使用中甚至进入一种类似心理咨询的体验。这些都是用户行为中正在涌现的新形态。我很高兴我们同时拥有这两种平台，可以在这两个方向上不断创新。当然，也会有一些应用场景是两者都能覆盖的。随着时间推移，我认为我们能够让用户的整体体验变得更加无缝衔接。
Operator
Our next question comes from Mark Shmulik with Bernstein.
我们的下一个问题来自Bernstein的Mark Shmulik。
Mark Elliott Shmulik
Sundar, it seems there's almost like a daily news report about the AI talent war and high-profile folks moving around which is kind of like your perspective on how you think Google has been doing it both kind of attracting and retaining key AI talent. And Anat, along the similar lines, how do we think about AI-related resourcing costs alongside kind of the step up in capital investments required to go build for AI?
Sundar，看起来几乎每天都有关于AI人才争夺战和高调人才流动的新闻。你能否谈谈你怎么看Google在吸引和留住关键AI人才方面的表现？Anat，同样的主题，我们如何看待AI相关资源成本与建设AI所需资本投资增加之间的关系？
Sundar Pichai
Mark, on the first question, look, I think, we've gone through these moments before. We've obviously always deeply invested in talent, including an AI talent for well over a decade now. And I think we have an extraordinary both breadth and depth of the talent. In my experience, the top people look for a combination of they want to really be at the frontier driving progress. And so the mission and how state-of-the-art, your workers matter. So that's super important to them, access to compute resources and access to your peers, right.
Mark，关于第一个问题，我认为我们以前也经历过类似的时刻。我们一直以来都在人才方面进行深度投入，特别是在AI人才方面，已经超过十年了。我认为我们的AI人才在广度和深度上都非常出色。以我的经验来看，顶尖人才追求的是一个组合：他们希望站在前沿推动进步，因此公司的使命感和工作的前沿性对他们非常重要；同时，他们也非常重视能否获得计算资源和优秀同事的支持。
Working with the best people in the industry, and it's a combination of all of that and using it to drive impact. And I think we are pretty competitive on all those fronts. And through this moment, we continue to -- I look at the -- both our retention metrics as well as the new talent coming in and both are healthy. I do know individual cases can make headlines, but when we look at numbers deeply, I think we are doing very well through this moment and we'll continue investing in the people and the talent and the compute needed to make sure we are set up for the opportunity ahead. And maybe I'll pass it on to Anat.
与业内最优秀的人合作，把所有这些因素结合起来推动影响力的发展。我认为在这些方面我们具有很强的竞争力。在当下这个阶段，我们的员工留存指标和新入职人才的表现都很健康。我知道个别案例可能会上新闻头条，但从整体数据来看，我们的表现非常不错。我们会继续在人才、人员和计算资源方面进行投资，以确保我们能够把握未来的机会。我将话筒交给Anat。
Anat Ashkenazi
Yes, on the question on how we integrate this into our overall cost structure. And I've mentioned before, having the benefit of having the full stack includes research, which is our people and one of our most critical resource. So we make sure that we invest appropriately to have the best and brightest minds in the industry sitting here at Google and advancing our innovation to customers. It is part of what you're seeing now in our operating expense line across the organization.
是的，关于如何将这些整合到我们整体成本结构中的问题。我之前提到过，我们的优势在于拥有全栈能力，其中包括研究，也就是我们的人才，这也是我们最关键的资源之一。因此我们会确保做出恰当的投资，让行业内最优秀和最聪明的人才加入Google，推动我们为客户的创新。这也是你们现在在我们组织运营支出项中所看到的一部分。
But we're also working hard to offset not just growth in investment across the business. But also to ensure that we can allocate research appropriately. So Sundar mentioned earlier, the use of AI tools within the company. So that's another area where we can drive efficiency across the businesses to use these tools internally in terms of how we run the organization. Then we're continuing on the same efforts that I've talked about before with regards to running the company with a high level of discipline, execution and driving efficiency across the business.
但我们也在努力抵消业务中投资增长带来的压力，同时确保研究资源能得到适当分配。正如Sundar前面提到的，我们在公司内部使用AI工具，这也是提升效率的一个方向，我们会通过这些工具优化组织运作方式。同时，我们也会继续推进我之前提到的措施：以高度的纪律性、执行力和效率来运营公司。
Operator
Our next question comes from Ross Sandler with Barclays.
我们的下一个问题来自Barclays的Ross Sandler。
Ross Adam Sandler
Great. If I can ask two, that would be great. So the first one is on Search click-through rates as a driver of monetization. So you guys have done a great job over the past decade of driving better ad relevancy and higher click-through rates in Search. Just curious, as we look forward and we see lower ad impressions per SERP and all these things that are changing with AI overviews and different AI SERP formats. How do you feel about your ability to drive CTR going forward? And then the second question is, it looks like you're now working with OpenAI for some aspect of cloud infrastructure. Just curious how that relationship might expand in the future?
太好了，如果我可以问两个问题就太好了。第一个问题是关于搜索点击率（CTR）作为变现驱动因素。过去十年里你们在提升广告相关性和搜索CTR方面表现出色。但展望未来，随着每个搜索结果页（SERP）上的广告展示次数减少，以及AI概览和各种AI SERP格式的出现，这些变化之下，你们怎么看自己未来继续提升CTR的能力？第二个问题是，你们似乎正在某些云基础设施方面与OpenAI展开合作。你们如何看待这一合作关系未来的扩展？
Philipp Schindler
I can make the first one. Look, specifically referring to AI Overviews, if I understood your question correctly, as Sundar mentioned it, they continue to drive higher satisfaction. They continue to drive higher search usage. They're scaling up very nicely and they're actually working for our entire user base now scaled to over 2 billion users in over 200 countries. So very happy with this development. But when it comes specifically to the monetization of it, we talked about it before. We see monetization at approximately the same rate, which gives us actually a really strong base on which we can then innovate and drive actually a more innovative and new and next-generation ad formats. That's how we look at it at this moment in time.
我来回答第一个问题。针对你提到的AI概览功能，如果我理解正确的话，正如Sundar所说，它确实在持续提升用户满意度，也带动了搜索使用率的提升。它的扩展进展非常顺利，目前已经为全球超过200个国家、超过20亿用户提供服务，我们对此进展非常满意。至于它的变现能力，我们之前也提到过，目前来看，变现的速度与之前大致持平，这为我们在此基础上进行创新，推动更具创新性、下一代广告形式的开发提供了坚实基础。这是我们目前的看法。
Sundar Pichai
On the second part, with respect to OpenAI, look, we are very excited to be partnering with them on Google Cloud. Google Cloud is an open platform, and we have a strong history of supporting great companies, startups, AI labs, et cetera. So super excited about our partnership there on the cloud side and we look forward to investing more in that relationship and growing in there.
关于第二个问题，关于OpenAI，我们非常高兴能够在Google Cloud上与他们展开合作。Google Cloud是一个开放平台，我们有着长期支持优秀企业、初创公司以及AI实验室等的传统。因此我们对云端的这项合作感到非常兴奋，并期待进一步加大投入，深化这段合作关系。
Operator
Our next question comes from Mark Mahaney with Evercore.
我们的下一个问题来自Evercore的Mark Mahaney。
Mark Stephen F. Mahaney
Okay. Two questions, please. First, could you just describe maybe Philipp, what you see in terms of the ad environment maybe for the back half of the year maybe versus last year? Does it seem as certain or as uncertain as it was last year, the results seemed pretty strong. Are there any unusual concerns you would have for the back half of the year? And then, Sundar, I want to ask you again about the 2 surfaces approach to Search.
好的，我有两个问题。第一个问题是，Philipp，你能否谈谈你对下半年广告环境的看法，相比去年会怎样？是否像去年那样不确定，或者情况更明朗了？你是否对下半年有什么特别担忧？第二个问题是，Sundar，我想再次请教你关于搜索中“两种界面（2 surfaces）”的策略。
And you obviously got some -- you must have some internal metrics that would tell you that that's the optimal way for you to approach the market. But there's -- I'm sure there's a counterargument that just having that unified search and being able to discern the intent of the search, whether it's pure information or commercial, just from the query that, that could give you a material advantage over other offerings in the market. Just talk a little bit about what metrics you've seen that make it -- that make the two surface solutions seem to be optimal.
显然你们一定有一些内部指标支持你们认为这是面向市场的最佳方式。但我相信也会有人提出反对意见，认为统一搜索界面，根据查询内容判断用户意图（是纯信息型还是商业型），这样反而能在市场中带来明显优势。你能否谈谈你们看到哪些指标，使你们认为“两种界面”的解决方案是最优选择？
Philipp Schindler
So let me start. Look, we said our ad business performed strongly in Q2. Give you maybe some vertical color of it in Q2, Search and other performance was led by growth across all verticals. We mentioned the largest contributions from retail and financial services, which was primarily due actually to strength in insurance. We saw health care as a sizable contributor to growth as well. Look, we're only a few weeks into Q3. So I think it's really too early to comment on anything happened in the second half of the year.
我先来回答。正如我们提到的，我们的广告业务在第二季度表现强劲。给你一些细分行业的情况，第二季度搜索及相关业务在各个垂直领域均实现增长。其中零售和金融服务贡献最大，主要得益于保险业务的强劲表现。我们还看到医疗健康行业也对增长有显著贡献。现在第三季度刚开始几周，所以我认为现在对下半年发表任何看法都为时尚早。
Sundar Pichai
And Mark, second part of the question. Look, I think between these 2 surfaces, you're pretty much covering the entire breadth and depth of what humanity can possibly do. So I think the split for 2 surfaces to tackle at this moment. Obviously, you are right, Search is more information focused. And we think of the Gemini app as more your assistant, more personal, proactive and powerful assistant for every aspect of your daily life. And so you can imagine wanting to call deeply or create a long video, et cetera, like those things can be done by the Gemini app today better.
Mark，关于第二个问题，我认为“两种界面”几乎覆盖了人类所有可能的行为广度和深度。所以目前我们认为将其拆分为两个界面是合适的。当然，你说得对，Search更专注于信息获取。而我们认为Gemini app则更像你的助手——一个更个性化、更主动、更强大的助手，可以帮助你处理日常生活中的方方面面。你可以想象，比如拨打深入通话、制作长视频等，这些事情现在由Gemini app来完成会更好。
Over time, like we've always done, we've gone through these evolutions before, like, as you point out, we can understand user intent better and abstract some of the complexity for our users. At one point, people used to go to -- query separately for text, differently from images, definitely from videos, et cetera, and we kind of made it all seamless with Universal Search.
随着时间推移，就像我们过去一直做的那样，我们也经历过这种演进。正如你提到的，我们可以更好地理解用户意图，并为用户简化背后的复杂性。曾经用户要分别查询文本、图像和视频等不同内容，而我们通过Universal Search将这一切无缝整合。
So we have the experience of being able to bring together experiences in a way that makes sense for users and do the heavy lifting for them. But I think when you're in this early stage of new emerging paradigms, I think we want to make sure we can meet them where they -- what they are expecting today. And over time, I think it will give us an opportunity to serve them better. So I think that's how we are thinking about it.
因此，我们有将不同体验融合为用户可理解形式的经验，并为用户承担繁重的工作。但我认为，在当前这个新兴范式的早期阶段，我们希望确保能够满足用户当下的预期。随着时间推移，这也将为我们创造更好地服务用户的机会。这就是我们的思考方式。
Operator
Our next question comes from Ken Gawrelski with Wells Fargo.
我们的下一个问题来自Wells Fargo的Ken Gawrelski。
Kenneth James Gawrelski
Two, if I may, please. The first on Cloud, I'm just hoping maybe you could clarify your back half outlook. Given last quarter, you talked about some supply constraints that would ease towards the end of 2025, but yet you put up a really nice acceleration in 2Q. Now you're talking about some supply constraints easing into '26. If you could just clarify a little bit on the back half outlook for cloud given the strong results in 2Q?
我有两个问题。第一个关于Cloud。希望你们能澄清一下下半年的展望。上一季度你们提到一些供应限制将在2025年底缓解，但你们在第二季度却实现了强劲加速。现在又说这些供应限制将延续到2026年。能否就第二季度强劲表现下的Cloud业务下半年展望，给出更多澄清？
And then the second is a bigger picture question, which is, in agentic experience, does it democratize the web like Search did 2 decades ago, enabling discovery in the long tail? Or does it lead to more concentration with a smaller group of vertical winners? Would love if you could opine on that.
第二个是更宏观的问题：在“agentic experience（代理式体验）”下，它是否会像20年前的搜索那样推动互联网民主化，促进长尾内容的发现？还是会导致市场集中度提升，形成一小批垂直领域的赢家？希望能听听你们的看法。
Anat Ashkenazi
Okay. On your first question on the cloud second half outlook and the comments I previously made on with regards to where we're going to see the capacity increase. So obviously, we're working hard to bring more capacity online, which means data centers and servers that are coming online. And we see more of an increase towards the back end of the year. But we're increasing capacity with every quarter that goes by, as you can see with the growth rates we've had both this quarter and the previous quarter.
好的，关于你第一个问题，即Cloud业务下半年的展望和我之前关于产能提升的评论。显然，我们正在努力上线更多产能，也就是数据中心和服务器上线。我们预计这些产能将在今年下半年增加得更多。但实际上，每个季度我们的产能都在提升，这从本季度和上一季度的增长率就可以看出来。
As Sundar mentioned earlier, this is not the type of investment that's a light switch. It takes time to make this investment. So what you're seeing now is investment we made some time ago, that's now translating to additional capacity coming online, but more of that towards the back end of the year. I will say, it's important as you think about cloud growth, not to think about this in a linear fashion, because the quarter-on-quarter growth rates could depend on the timing of capacity delivery and when that comes online, so that could move a little bit from quarter-to-quarter.
正如Sundar早前提到的，这类投资不是开关一开就能立刻见效的。现在上线的产能，其实是我们较早前的投资成果，后续还会有更多产能在年末上线。我想强调的是，在思考Cloud增长时，不应该以线性方式看待，因为季度间的增长率可能受制于产能交付的时点以及何时上线，这些因素会使增长在不同季度有所波动。
Sundar Pichai
On agentic experience. Look, I think there was an earlier question on the technology aspects of it and how we are making progress. Obviously, there is the value proposition for all the players involved. And I think that's going to be an equally important thing to create the unlock here. And I do think over time, users will it's clear to me as we make progress on the agentic experience, it's going to be a much better experience for users, right? And so you'll find savvier players leaning into these experiences, and that will help them grow and meet this moment.
关于agentic experience（代理式体验），我记得之前也有关于其技术进展的问题。显然，这里涉及的参与者众多，每一方的价值主张都很关键，我认为这将是促成突破的另一个重要因素。就我个人而言，随着我们在代理体验方面持续进展，我非常确信这会为用户带来更优质的体验。因此，你会看到更聪明的参与者会积极拥抱这些新体验，这将帮助他们成长，并抓住这个机遇。
And I think -- so I do think it's an opportunity for some of the players. And so you are right, just like the early days of the web, there are aspects about it, which will expand access, grow the use cases, et cetera. And I think that elements are there. But I do think it's important. It's not just a technology play, but we have to solve the business models for varying players involved. So I think that's going to be an important part of this evolution as well.
因此，我认为这确实是一些参与者的重要机会。你说得对，就像早期的互联网一样，它确实有助于拓展接触面、丰富使用场景等，这些要素是存在的。但我也认为，仅靠技术远远不够，我们还需要为参与其中的各类玩家解决商业模式问题，这也将是这一演进过程中的关键一环。
Operator
And our last question comes from Justin Post with BAML.
我们的最后一个问题来自BAML的Justin Post。
Justin Post
A couple for Sundar. First, it looks like the subscription businesses are all tracking well. And certainly, Gemini 2.5 has got some much good reviews. How are you doing with Gemini subscriptions. I know it's a focus area for the company. And anything you can kind of do to accelerate the consumer subscriptions of Gemini within Google One. And then secondly, just on the course change of CapEx, obviously, a bigger increase, which appears to be because of cloud demand. But just your comments on cloud ROI and I'm sorry, CapEx ROI. What gives you confidence that you're going to get good returns on that spend?
我有两个问题给Sundar。首先，订阅业务整体表现良好，Gemini 2.5的评价也非常不错。Gemini订阅服务目前的表现如何？我知道这对公司来说是重点领域。你们是否有办法进一步推动Gemini在Google One中的消费者订阅增长？第二个问题是关于资本支出的转向。你们显著加大了投入，显然与云需求有关。能否谈谈你们对云业务投资回报率（ROI）以及整体CapEx回报的看法？你们有怎样的信心能确保这笔支出带来良好回报？
Sundar Pichai
Great. On the first thing on subscriptions, we definitely -- Google One has been an attractive value proposition powered by storage. But with now our AI plans, including both Pro and Ultra and particularly with the 2.5 series of models, we have definitely seen accelerated traction. So it was a very healthy quarter. And so we are definitely excited about the opportunities ahead. And you will find through this moment, I think, we'll be able to drive growth in that area based on our AI offerings. And so it's definitely an area we are both excited by, and we are actually seeing traction, particularly in the last quarter ever since we introduced 2.5 Pro. So we are excited about the trajectory there.
好的。关于第一个问题，订阅业务方面，Google One一开始就凭借云存储提供了很有吸引力的价值主张。而现在随着我们的AI订阅计划上线，包括Pro和Ultra版本，特别是搭载2.5系列模型以来，我们的增长势头明显加快。刚过去的季度表现非常健康，因此我们对未来的机会感到非常兴奋。我们相信借助AI产品，可以在这一领域持续推动增长。特别是在上个季度推出2.5 Pro之后，用户增长出现了明显的势头，我们对这个增长轨迹感到乐观。
On the CapEx on the cloud side, look, I think, we are definitely investing because we are delivering a lot of value through our cloud offerings. And I think it's important to understand as we build more and more of an installed base with Google Cloud. We have very high customer satisfaction. Our churn rates are very low, and we are much more efficient in the investments needed to grow those lines of businesses.
至于云业务的资本支出，我们确实在加大投资，因为我们通过Cloud产品为客户提供了大量价值。重要的是要理解，随着我们在Google Cloud上积累了越来越多的客户基础，我们的客户满意度非常高，客户流失率也非常低。此外，在扩大这些业务线所需的投入方面，我们的效率也更高。
So you're seeing all that play out in our margin trajectory, particularly if you look at it annually sequentially over the past few years. And so all that gives us confidence as we are investing in this, we'll be able to have a healthy ROI on our investments. And particularly in this AI moment, there's definitely -- the value we are delivering to the customers is also growing pretty significantly on a forward-looking basis. And so I think all that will help us do well here.
这些都体现在我们利润率的变化趋势中，尤其是过去几年来的年度环比表现。这些因素增强了我们对投资回报率的信心。尤其是在当前AI快速发展的时点上，我们为客户带来的价值也在大幅增长。因此，我们相信这些因素都将助力我们在这一领域取得优异成绩。
Operator
And that concludes our question-and-answer session for today. I'd like to turn the conference back over to Jim Friedland for any for the remarks.
今天的问答环节到此结束。现在请将会议交还给Jim Friedland做最后总结。
James Friedland
Thanks, everyone, for joining us today. We look forward to speaking with you again on our third quarter 2025 call. Thank you, and have a good evening.
感谢大家今天的参与。我们期待在2025年第三季度电话会议上再次与大家交流。谢谢，祝大家晚上愉快。
Operator
Thank you, everyone. This concludes today's conference call. Thank you for participating. You may now disconnect.
谢谢各位。今天的电话会议到此结束。感谢各位参与。您现在可以断开连接。