Bookings DecelerationInvestors are being cautious around the implied deceleration in bookings growth in 1Q25, explained by lapping pricing tailwinds from 1Q24.
Bookings Growth ConcernsAnticipated bookings deceleration from +18% y/y in 4Q to +11% y/y in 1Q is largely explainable by pricing, a non-recurring Google Workspace payment, and foreign exchange impacts.
Foreign Exchange ImpactReported growth is being impacted by foreign exchange and comparing against a price increase from last year.