I do think the March quarter shows why we read the operating line: a $36.9 billion unrealized gain versus $9.8 billion a year earlier — the finance chief attributed it to the non-marketable equity-securities portfolio. Operating income rose 30% to $39.7 billion, margin 36.1%, while net income rose 81% on that swing. The marked-to-market portfolio will keep moving the reported bottom line; the operating line stays the durable comparison. Let me unpack the margin framework on the next call.
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