Alphabet (GOOG, GOOGL) will report second quarter results this afternoon and host a call at 16:30. 

The Street expects Q2 EPS up 7% to $9.54 with revenue up 23.5% to $32.13 billion. 

Alphabet has beat on the top line eight quarters in a row. 

• Last quarter, revenue growth accelerated (for the third consecutive quarter) to 26%. 
• First quarter paid clicks growth of 59% was offset by 19% cost-per-click decline.
• Investors will be looking for impacts from GDPR, which went into effect in May and may actually help the company's position as an incumbent 

Google plans to appeal the EU's $5 billion fine regarding android competition

Analysts expect FY18 EPS to grow 35% to over $43 with revenue up 22% to $135.7 billion. 

TECHS:

Alphabet has ~$840 billion market cap and trades at 29x EPS vs. Facebook (FB) at 27x EPS. The options market implies a ~4% move in the stock by Friday.