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Alphabet's second quarter came in ahead of Wall Street's expectations, with cloud revenue climbing 82%.
The complication sits right there in the same report: capital expenditures for the period disappointed investors, raising an immediate question about what that growth rate actually costs to maintain.
The case for reading this as a cloud story An 82% jump in cloud revenue is the kind of figure that reframes a business.
For Alphabet (GOOGL), it signals the company's cloud segment has moved beyond a growth story on paper and is producing the kind of commercial output that changes an earnings profile.
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