Alphabet Q2 2024 preview

Alphabet reports earnings after the market close on July 23. Wall Street expects:

- revenues of $84.353 billion (this means YoY +13.1% and QoQ +4.7%)

- revenues excluding TAC at the level of $73.203 billion (this means YoY +17.9% and QoQ +8.3%)

- Google Cloud revenues at the level of $ 10.089 billion (this means YoY +25.6% and QoQ +5.4%)

- diluted EPS at $ 1.84 (this means YoY +27.8% and QoQ -2.65%).

Figure 1 shows the change in consensus regarding future revenues. After the publication of the results for Q1 2024, the revenue forecast decreased by 0.7% to 3.2% (change from April 19 to May 15). However, the consensus as of July 22 is already higher (than the one from May 15) from 1.7% to 2.7%.

Figure 2 shows the Wall Street consensus on EPS estimate for each quarter.

Figure 3 additionally shows the company's reported EPS. Whereas Figure 4 shows EPS starting from October 2023.