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Posts$谷歌-A(GOOGL.US) first take：二季报整体喜忧参半。好的是（1）搜索广告和云业务，增长比预期更强劲；（2）流量成本的优化以及裁员带来的管理费用压缩，带来收入 inline 下利润小超预期。
但坏的是（1）YouTube 广告表现显著低于预期，与此前机构的调研情况有些出入。搜索的强势虽然令人惊喜，但如果没有 YouTube 的支撑，在宏观边际走弱的下半年，围绕搜索的一些问题对增长预期的影响会加大。（2）超预期的资本开支，则会隐发市场对后续现金流受削弱、利润率提升有压力的担忧。
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