Skynet (GOOG GOOGL Earnings)
Google parent Alphabet (GOOG/GOOGL) is scheduled to report 1Q23 results, with expectations of EPS and revenue of $1.07 and $68.8 billion, respectively.
In the past four quarters, GOOG/GOOGL has missed EPS expectations, while revenue growth has ground to a halt.
Its core advertising business will be under the spotlight, and market participants hope to see a bottoming and recovery in demand. AI will be a main focus during the earnings call, and there are concerns that GOOG may lose ground to Microsoft.
In the past few quarters, social media company Snap (SNAP) has issued dismal results ahead of GOOG, Meta Platforms (META), and Pinterest (PINS), resetting expectations even lower. However, this time around, GOOG will set the tone, with SNAP set to report earnings on April 27.
TECHS:
GOOG's shares have been strong over the past several weeks, gaining about 15% since mid-March. However, another disappointing report could undo that momentum. The company announced a restructuring initiative in January that included 12,000 job cuts, which could halt GOOG's EPS losing streak, although the impact from the job cuts may be more pronounced in Q2.
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