Google parent Alphabet (GOOG, GOOGL) will report first quarter results earnings soon after the bell and has a call at 16:30.

Alphabet is expected to report Q1 GAAP EPS of $9.29 (vs. $7.73 last year) with gross revenue up 22% to $30.28 billion. 

Last quarter, Alphabet missed on the bottom line. Alphabet's primary focus is on cost and not quarterly results. Alphabet is expected to unveil more detail about ancillary investments for the first time. Some investors believe this could be a tailwind for higher profit margins. 

TECHS:

• ~$750 bln market cap
• Trades at 26x EPS estimates
• Enterprise value is just under 13x EBITDA estimates.

Alphabet reclaimed its 50-DMA at $1078 last week and the weekly options imply a ~5% move by Friday's expiration.

RESULTS: 

• Reports Q1 (Mar) earnings of $9.93 per share*, excluding $3.40 net in non-recurring items, $0.65 better than the Capital IQ Consensus of $9.28; revenues rose 25.8% year/year to $31.15 bln vs the $30.28 bln Capital IQ Consensus. 
• Ad rev +24%, TAC +36% to $6.3 bln; paid clicks +59%, cost-per-click -19%
• *Q1 2018 financial results were affected by a new accounting standard (ASU 2016-01) that changes the way companies account for equity security investments. As a result, all gains and losses, unrealized and realized, on equity security investments are recognized in OI&E on the income statement.