We recognize that the near term could be a bit rocky — but over the long haul, we think patience will pay off.
That large cash tax payment noted above will hit next quarter's cash flow performance. But since it's a one-time item, it will likely be forgiven by Wall Street. At about $130 per share, where the stock was indicated to open in the morning, Alphabet would trade at about 19 times 2024 earnings estimates, providing a nice cushion even if estimates come down a bit.
But investors are going to be far less forgiving when operating income is coming up short due to those investments that won't pay off until some unknown point in the future, if ever. Against the operating income and margin miss, cash flow generation was superb, with free cash flow coming in more than 40% ahead of what the Street was looking for. Capital returns Alphabet returned $15.8 billion to investors via share repurchases in the third quarter, partially offset by $5.
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