分析师谷歌拓展业务造成利润率压缩

元器件交易网讯 4月17日消息，据华尔街报道，美国枢纽研究公司(Pivotal Research)分析师布莱恩·维塞尔（Brian Wieser）称谷歌一季度财报令人失望。由于谷歌业务分散，利润空间有所萎缩。

“最上面一行的数据相当不错，但利润率的压缩可能会令市场失望，”维塞尔在接受采访时表示，“利润率下降的趋势正开始显现”。

谷歌发布财报后股价走低5%，其利润低于华尔街预期。

维塞尔称，谷歌的新业务较其传统搜索广告业务利润少，因此拓展新领域造成其盈利能力的下降。

对于谷歌具有战略价值的Youtube盈利情况同样不乐观，分析师指出网络广告利润率低于搜索广告。

维塞尔的分析显示，2005年搜索广告是谷歌最重要的业务，占总体营收50%以上。除去流量成本，今年一季度该业务占谷歌收入的35%以下。

华尔街的分析表明谷歌未来收入将持续强劲增长，利润率可大体持平。但维塞尔称这是不现实的。如果谷歌将重点放在无人驾驶汽车和高海拔互联网服务上，并将这些业务作为主业务，那么华尔街的预期仍需考量。

“谷歌新西兰气球项目利润率也较低，”维塞尔补充道。（元器件交易网毛毛 译）

以下为原文：

Pivotal Research Group analyst Brian Wiesersaid Google"s disappointing first-quarter financial results reflect shrinkingprofit margins as the search giant persifies into more businesses.

“The top line was pretty good, but the margin compression probablydisappointed the market,” Wieser said in an interview after Google releasedfirst-quarter results. “The margin erosion trend seems to be well in place.”

Google shares traded 5% lower after market,after the company posted revenue and profit short of Wall Street expectations.

Wieser said Google"s newer businesses areless profitable than its original search advertising business, so profitabilitydeclines as the company expands further into new areas.

YouTube, while strategically valuable toGoogle, may not make much money at all, while the company"s display ad networkhas lower profit margins than search, the analyst noted.

In 2005, when search advertising was theclear majority of Google"s business, income from operations was more than 50%of revenue. In the first quarter, income from operations fell below 35% ofrevenue, excluding traffic acquisition costs, Wieser estimated on Wednesday.

Wall Street estimates suggest that Googlemargins will remain roughly flat in the future as revenue continues to growthstrongly, but Wieser said that"s not realistic. This expectation isparticularly questionable if some of Google"s more ambitious new projects, suchas self-driving cars and a high-altitude Internet service, blossom into fullbusinesses, he argued.

“Balloons over New Zealand will also have lower profit margins,”Wieser said.

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