Alphabet looks to spell out another earnings win with first-quarter report
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After an early-season weekend pause, FAANG earnings are back - and Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL), reporting after Tuesday's closing bell, hopes to get off to a better start than Netflix did last week.
Netflix shed a third of its value after a second straight disappointing earnings report, and fellow FAANGs Meta Platforms, Apple and Amazon.com are still to come - so Alphabet can get things back on the good foot by simply holding serve on the solid reports it's issued over the past year.
The stock rose 7.4% Feb. 2, the day after a fourth-quarter report where earnings per share beat consensus by 13% and the company posted revenue more than $2 billion better than forecast, as well as declared it would implement a 20-for-1 stock split.
Before that, Alphabet shares moved up 4.8% in late October after its third-quarter report showed revenues up 41% and net income up 68% for another easy beat.
Expectations for Tuesday's first-quarter report have increased as of late, with 14 upward revisions to earnings per share estimates and 17 upward moves in revenue expectations. Consensus now sits at earnings per share of $25.55, on revenues that are expected to increase nearly 23% year-over-year to $67.8 billion.
KeyBanc's newest look at Internet advertising players figures Alphabet (GOOG) (GOOGL) will face some of the least impact from fundamental headwinds from macro pressure and high inflation.
Last week, MKM pulled back on estimates for the sector, also based on its own macroeconomic concerns. But Alphabet came off relatively light there too, seeing revenue forecasts cut by just 1%, and a minor haircut to its price target, which still implies 30% upside.