Google gains 25M subscriptions in Q1, driven by YouTube and Google One
Google gains 25M subscriptions in Q1, driven by YouTube and Google One
谷歌第一季度新增 2500 万订阅用户，YouTube 和 Google One 成为增长引擎
Google has added another 25 million paid subscriptions to its services over the past quarter, parent company Alphabet announced during its first-quarter earnings report on Wednesday. The company said it now has 350 million paid subscriptions across its services, up from 325 million in Q4 2025, with YouTube and Google One — its cloud storage and subscription service — plans driving the recent growth.
母公司 Alphabet 在周三发布的第一季度财报中宣布，谷歌在过去一个季度中又增加了 2500 万付费订阅用户。该公司表示，目前其各项服务的付费订阅总数已达 3.5 亿，高于 2025 年第四季度的 3.25 亿。其中，YouTube 和云存储及订阅服务 Google One 是推动近期增长的主要动力。
The earnings report didn’t highlight the number of Gemini subscribers or its monthly active users. But access to advanced Gemini features is now bundled in with those Google One plans, which are growing. The lack of solid numbers may suggest that the Gemini chatbot still has more than 750 million users, the same benchmark reported in the prior quarter. Google pointed to the growth of Gemini in the key enterprise market, noting a 40% quarter-over-quarter increase in paid monthly active users. It did not offer a solid number here, either.
财报并未披露 Gemini 的订阅用户数或月活跃用户数。但目前高级 Gemini 功能已捆绑在不断增长的 Google One 套餐中。缺乏具体数据可能暗示 Gemini 聊天机器人的用户数仍保持在上一季度报告的 7.5 亿以上。谷歌指出 Gemini 在关键企业市场表现强劲，付费月活跃用户环比增长了 40%，但同样未提供具体数值。
YouTube ad revenue missed Wall Street expectations, even as it continued to grow year over year. As Google pushes ad-free viewing as part of its YouTube Premium subscription plan, the video service has seen a decline in ad revenue that has worried investors. Per CNBC, Wall Street expected Alphabet to bring in $9.99 billion in YouTube ad revenue this quarter, but it pulled in $9.88 billion.
尽管 YouTube 广告收入同比持续增长，但仍未达到华尔街的预期。随着谷歌将“无广告观看”作为 YouTube Premium 订阅计划的一部分进行推广，该视频服务的广告收入出现下滑，这引起了投资者的担忧。据 CNBC 报道，华尔街此前预计 Alphabet 本季度的 YouTube 广告收入为 99.9 亿美元，但实际收入为 98.8 亿美元。
Alphabet CEO Sundar Pichai had warned analysts last quarter that investors should evaluate YouTube’s business going forward based on a combination of ads and subscriptions: When users switch to a YouTube subscription plan, it has a negative impact on ad revenue. Last year, YouTube’s annual revenue topped $600 billion across both ads and subscriptions, with Q4 2025 bringing in $11.4 billion in YouTube ads alone.
Alphabet 首席执行官桑达尔·皮查伊（Sundar Pichai）在上季度曾提醒分析师，投资者未来应综合广告和订阅两方面来评估 YouTube 的业务：当用户转向 YouTube 订阅计划时，会对广告收入产生负面影响。去年，YouTube 的广告和订阅总收入超过了 600 亿美元，其中 2025 年第四季度仅 YouTube 广告收入就达到了 114 亿美元。
This quarter, the YouTube ads figure was $9.9 billion. That’s up 11% year-over-year, the company pointed out, but a shortfall on analyst expectations suggests that consumers are continuing to move from ad-supported YouTube viewing to ad-free subscriptions through YouTube Premium. We expect to hear more about this on the company’s earnings call.
本季度 YouTube 广告收入为 99 亿美元。公司指出，这一数字同比增长了 11%，但未达分析师预期，这表明消费者正持续从广告支持的观看模式转向 YouTube Premium 的无广告订阅模式。我们预计在公司的财报电话会议上会听到更多相关信息。
Either way, Alphabet’s stock is up after surpassing Wall Street’s expectations, with revenue of $109.9 billion, which included healthy cloud growth. Cloud revenue alone topped $20 billion.
无论如何，Alphabet 的股价在财报超出华尔街预期后有所上涨，总营收达到 1099 亿美元，其中包括了稳健的云业务增长。仅云业务收入就超过了 200 亿美元。