After the close, Google parent Alphabet (GOOG) is set to report Q2 earnings.

An earnings conference call is scheduled to begin at 4:30 p.m. E.T.

For the quarter, analysts are expecting GOOG to report EPS and revenue of $19.08 and $56.08 bln, equating to yr/yr growth of 88% and 46%, respectively.

Sentiment is bullish on GOOG as they’ve crushed analysts' expectations the last four quarters.

The EPS beats have increasingly widened during that period as well. From $1.90 in 2Q20, to $5.20 in 3Q20, then $6.32 in 4Q20, and finally to last quarter's whopping $10.65 beat.

Revenue growth has also accelerated during this time, reaching 34% last quarter, which was GOOG's highest top-line growth rate in over five, yes five, years.

Last quarter, total Google advertising jumped by 32% yr/yr to $44.7 bln.

YOUTUBE:

YouTube has been another monster performer as advertising revenue on that platform surged by 50% last quarter to $6.0 bln. There was some concern that growth at YouTube would slow down as mobility increased and as normalcy returned to people's lives. So far, that deceleration hasn’t been the case.

CLOUD:

GOOG's cloud segment will get plenty of attention. Their cloud segment is not profitable as their competitors as GOOG continues to aggressively invest in the business. In Q1, cloud generated an operating loss of nearly $1 bln. People will use the GOOG cloud number as a read through to AMZN’s AWS (along with Azure from MSFT).

TECHS:

GOOG is trading lower today and is pulling back from record highs, but, the stock has been red-hot overall. GOOG is up 17% since the company last reported earnings on April 27.

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