Google (GOOG) is one of those companies where investor opinion is extremely polarized. The experimental nature of many of Google's products, combined with the company's marketing reach and massive war chest, often lead to passionate arguments about the disruptive potential of those products rather than an objective analysis of the data. ( 谷歌（GOOG）是投資者的意見是非常兩極化的公司之一。實驗性質的許多谷歌的產品，結合公司的營銷範圍和大規模的論戰，往往會導致這些產品的破壞性潛力，而不是一個客觀的數據分析，以充滿激情的爭論。)
In this article, I will attempt to take a more dispassionate look at the growth of Google's top line growth to gain a broader perspective of the company's prospects for growth in the near to mid term. ( 在這篇文章中，我會嘗試採取更冷靜地看待谷歌的優越增長，獲得更廣闊的短期至中期公司的增長前景之視野。)
Google is its Websites. Below are Google's revenues by operating segment, broken down by quarter. For all the buzz about the new Nexus 7 or Google Play, Google's signature websites still account for 62.87% of all revenue. ( 谷歌是網站。下面是谷歌的收入按經營分部，按季度列出。對於所有關於新的 Nexus 7 或 Google play，谷歌的網站仍然佔全部收入的62.87％。)
[ 註：Nexus 7 占 Android tablet 超過 10% 市場， Google play 已經有超過 500億下載 ]
Google's capital expenditures are rising in-line with revenues. One balance sheet item that's often overlooked by analysts of cutting edge technology companies (until they get in trouble) is CAPEX, despite the fact that IT spending rose to $3.6 trillion last year, and Silicon Valley replaces its IT infrastructure faster than any other industry.
Google's sunk costs on property, plant and equipment have risen steadily since the company first went public in 2005, though this growth has remained roughly in-line with revenues. ( 自為該公司在2005年首次公之於眾，谷歌的資產，廠房及設備的成本已經穩步上升，儘管這種增長大致保持在符合收入。)
Google has a Treasure Trove, too. Apple's (AAPL) overseas war chest was the subject of intense investor scrutiny back in February, after Greenlight's David Einhorn issued a public appeal to Apple investors arguing that the company's piggy bank should be made available to shareholders. Less well-known is the fact that Google's cash hoard recently topped $54 billion, most of it kept overseas. ( 谷歌有一個太寶庫。蘋果公司（AAPL）早在二月激烈的投資者推敲的海外論戰主題，Greenlight 的 David Einhorn 後發出呼籲，蘋果的投資者認為，該公司的儲蓄庫，應當提供給股東。眾所周知的事實是，最近榮登谷歌的現金儲備為54億美元，其中大部分是存放境外。)
Conclusion ( 結論 )
Google is usually presented as either a paradigm-shift oriented company like Apple, or as a hold-the-fort Silicon Valley blue chip, a la Microsoft. ( 谷歌通常面向模式的轉變導向的公司，如蘋果，或保持矽谷藍籌，微軟。)
But in fact, Mountain View has its own unique approach: A fixation on organic, RD driven growth that marches roughly in line with revenues. Last year, RD and revenue began to diverge。( 但事實上，Google 整體觀察有自己獨特的方法：固定有機，研發驅動型的增長大致符合收入成長。去年，研發和收入開始出現分歧：)
[ 分析發現：依 Google 研發驅動速度，將持續領導科技產業，Google 之 Chrome browser 結合 Android 及 Chrome OS 極可能在 2 年內成為主要 desk computing 上網主流，這對 Wintel Desktop PC 之傷害將是很大 ]
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