Jul. 28 at 3:48 AM
$GOOG $514B of revenue backlog sounds massive, but only 1.5% of it is backed by real deposits — a soft promise, not a locked guarantee.
Compare that to Google's
$811B of purchase commitments, where
$707B carry fixed or guaranteed terms — some, like energy deals, running to 2054, with real penalties if Google walks away.
Basically, what Google owes suppliers looks more binding than what customers owe Google. That imbalance, not the quarter itself, is what rattled the market.
$GOOGL