We reiterate our BUY rating for Alphabet Inc, the parent company of Google. The company reported search figures in-line with expectations, whilst their cloud business exceeded US$6 billion in quarterly revenues for the first time. Slowing growth in the YouTube segment continues to be of concern, with revenues decelerating for the second quarter in a row. We do however note this is consummate with slowing ad spend on comparative platforms (Pinterest, Snapchat, Twitter) which rely strongly on user-generated content. Search remains the ‘crown jewel’ of Alphabet and continues to account for the bulk of revenue. We consider this to be a defensive and compelling characteristic of Alphabet, as it is highly predictable and continues to be unaffected by secular trends. Search grew ~17%, ahead of industry consensus of ~12%.