Anat Ashkenazi explained how the balance between cloud demand and available capacity could affect reported growth rates through the year.

Anat Ashkenazi · Alphabet Investor Relations · Alphabet 2025 Q1 Earnings Call

“Second, in Cloud, we're in a tight demand/supply environment. And given that revenues are correlated with the timing of deployment of new capacity, we could see variability in Cloud revenue growth rates, depending on capacity deployment each quarter. We expect relatively higher capacity deployment towards the end of 2025.”

Educational summary of a public statement. Not investment advice.