What you need to know before Google's parent company Alphabet reports earnings

Update 7/22/2024: This article has been updated to reflect more recent stock price information.

Key takeaways: Google parent Alphabet will report second-quarter results after the close of trading on Tuesday. Analysts expect revenue and profit to rise from the same period last year. The company is due to report Google Cloud earnings, and investors will likely be watching closely for continued growth. Alphabet may also provide an update on its artificial intelligence efforts.

Google parent Alphabet (GOOGL) is scheduled to report second-quarter results after the close of trading on Tuesday, with investors likely to focus on continued cloud growth and updates on its artificial intelligence (AI) initiatives.

The tech giant is expected to post revenue of $84.3 billion, up 13% from the same period last year, according to estimates compiled by Visible Alpha. Net income is expected to be $23 billion, or $1.85 per share, up from the second quarter of 2023.

Analyst Estimates for Q2 2024 Q1 2024 Q2 2023 Revenues $84.3 billion $80.54 billion $74.6 billion Diluted EPS $1.85 $1.89 $1.44 Net Income $23.0 billion $23.66 billion $18.37 billion Key Metric: Cloud Growth

Investors will be closely watching Google Cloud's continued growth as the cloud division's earnings could help ease investor concerns about rising AI spending by big tech companies.

According to Visible Alpha's consensus estimates, analysts expect cloud revenue to be $10.22 billion, which would represent growth from the previous quarter and the same period last year.

Business Spotlight: The Impact of AI

The company may give investors updates on projects such as its AI assistant Gemini Live and Project Astra, which could help Alphabet compete with Microsoft (MSFT)-backed OpenAI. Alphabet may provide insights into how its AI Overview is impacting Google Search.

It may also shed some light on its acquisition interest. The company is reportedly in talks to acquire cybersecurity startup Wiz in a deal valued at roughly $23 billion. If the deal goes through, it would be the tech giant's largest acquisition to date. Google was also recently reported to be looking to buy HubSpot (HUBS), but has reportedly called off the deal.

Alphabet's shares have risen nearly 30% since the beginning of the year and were trading at $181.04 as of noon ET on Monday.

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