Google turns the corner as investors await earnings

GOOGL parent company Alphabet is set to report its Q3 earnings with analysts expecting an upbeat report from the tech company.

The internet search giant is expected to see its EPS jump by 37% to $1.46 while gross earnings for Q3 are expected to rise by 10% to $ 76 billion. Analysts are forecasting a rebound in the Ad business revenue with YouTube advertising set to rake in about $ 7.82 billion, indicating a 10% rise with upbeat reports also expected in its cloud computing services.
Investors will be eager to hear about the company’s progress on Google’s artificial intelligence project as it prepares to launch a new language model called Gemini which is expected to compete with OpenAI’s GPT-4.

A glance at the chart shows that the correction phase of the bullish trend might have ended as the price made a rebound close to the support area of the ascending channel around $133.00. GOOGL has benefitted from the AI revolution this year which has seen its stock rise about +54.71% as it competes with other tech giants for superiority.