Alphabet's search revenue of $63.3B (+17% YoY) came in slightly behind the $63.4B StreetAccount estimate — a miss of just 0.16%. Combined with operating margin pressure (likely from the capex ramp), this explains why shares were flat in after-hours despite the Cloud "massive beat" (+82% vs 64% expected). Gene Munster framed it as temporary: "Given what we now know, the stock should be up tomorrow." The market appears to be weighing near-term margin compression against long-term Cloud acceleration.