The crowded long beat and the crowded short missed…
GOOGL -7%: Just an overall bad print on the 3 KPIs that mattered most: search, GCP & EBIT. Search missed at +12% vs. Street’s 14.7% and the ~13-14% buyside bar, Cloud ($30.7B) beat Street but fell short of $31-32.5B bogeys, and EBIT missed by ~$2.8B. YT miss. Cloud EBIT beat the one bright spot.
Stock was shorted coming in, but this is worse than expected - Sundar has an uphill battle on the call to explain this away…