GOOGL Q4 FY22

• Rev +1% Y/Y to $76.0B ($0.4B miss).

• Operating margin 24% (-5pp Y/Y).

• EPS $1.05 ($0.14 beat).

YouTube ads -8% to $8.0B.

Google Cloud:

• Revenue +32% Y/Y to $7.3B.

• Operating margin -7% (+10pp Y/Y).

Restructuring costs in Q1 FY23 ~$2.6B.

Thoughts:

Google's Q4 revenues increased only 1% over the previous year, the 3rd slowest growth rate in the company's history.

Cloud is the only segment that is pushing the business ahead right now.

This is a strong sign that the US economy is heading into a recession.

I am not too worried, as business cycles go up and down. Google's moats remain strong and its business fundamentals & balance sheets are sound.