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Alphabet's Earnings Preview: Steady growth and a focus on its AI story

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Alphabet, Google's parent company, is scheduled to report second quarter earnings on 23 July 2024 after US markets close. Here's a breakdown of what to expect and watch for.

Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.01% 🇪🇺EUR: -0....Alphabet’s consensus EPS forecast for the second quarter of the year is $1.85, a slight decrease from the previous quarter at $1.89, but still a 28% increase compared to the same quarter last year.

Based on the company's actual results over the past four quarters, Alphabet has delivered an average upside surprise of 10.62%. When it comes to AI, the hot topic investors are eagerly watching, the spotlight will be on how generative AI is rolled into Google’s market-leading search and cloud services. Moreover, all eyes will be on how the tech giant is turning their massive AI investments into profits, with their quarterly results set to reveal this crucial step.Alphabet’s earnings report arrives just as the market begins shifting away from high-flying tech stocks, following this year’s impressive rally.

The crucial price point to watch around the earnings date will be at $172. This level represents a 10% decline from its recent peak of $191. Additionally, the weekly chart shows this as a key juncture, where the April peak and the previous resistance-turned-support trendline converge, offering double layers of support. If this support level breaks, the price could slide towards $158-$162, the gap left by the previous earnings date.

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