Global internet search provider Alphabet
GOOGL
is set to report quarterly results Monday after the closing bell. Alphabet, a Zacks Rank #3 (Hold), has surpassed earnings estimates in seven of the past eight quarters. But as Q2 technology results have been mixed, is this market leader a buy heading into the earnings announcement?
Shares of GOOGL have fallen 24% since the beginning of the year. Analysts are expecting the company to post Q2 EPS of $1.28 per share, which would translate to negative growth of -5.88% versus the same quarter last year. Alphabet boasts a trailing four-quarter average earnings surprise of 17.2%. Analyst estimates have declined -3.76% in the past 60 days.
GOOGL is part of the Zacks Internet – Services industry, which ranks in the bottom 48% out of approximately 250 industry groups. The company has a monopoly on the internet search market with more than 94% of the volume. Still, more weakness may lie ahead if the tech giant fails to impress on its quarterly results.
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