After the bell, Alphabet will report Q3 earnings.

• Alphabet is set to report third-quarter earnings results Tuesday.
• Despite facing an executive shake-up and multiple antitrust actions in a tumultuous quarter, the company remains resilient.
• The company is predicted to release earnings per share of $1.85 and revenue of $86.30 billion.

Google will release its third-quarter earnings report on Tuesday following the market closure.

According to LSEG's average estimates, this is what analysts are anticipating.

• Earnings per share: $1.85
• Revenue: $86.30 billion

Wall Street is also watching several other numbers in the report:

• YouTube advertising revenue: $8.89 billion, according to StreetAccount
• Google Cloud revenue: $10.88 billion, according to StreetAccount
• Traffic acquisition costs (TAC): $13.53 billion, according to StreetAccount

The third quarter of Alphabet was marked by significant changes both inside and outside the company, particularly at its top leadership and key operations.

This month, the company replaced Prabhakar Raghavan, their search and ads chief since 2018, with Nick Fox, a longtime executive known for his role in Google's Assistant unit. Furthermore, the team working on the Gemini app, which includes the company's artificial intelligence direct-to-consumer products, will join Google DeepMind under head Demis Hassabis.

Google is restructuring its teams to move more quickly in the AI arms race, where it faces increased competition from entrants such as OpenAI's ChatGPT.

In August, a federal U.S. judge ruled that Google has illegally held a monopoly in search, marking the first antimonopoly decision against a tech company in decades. During the quarter, the company also faced the advancement of several antitrust lawsuits related to its search and ads business.

The DOJ recommended changes to Google's search engine business practices in early October, hinting at the possibility of a breakup as an antitrust remedy, particularly in relation to forcing the company to make structural changes to Chrome, Android, and Google Play app store businesses.

The DOJ proposed restricting or prohibiting default agreements and related revenue-sharing arrangements for search and search-related products, which would affect Google's search position agreements with Apple's iPhone and Samsung devices. These agreements cost the company billions of dollars annually in payouts but maintain Google's position as the default search engine in those products.

The company may not have to make any changes to its businesses for several years due to the slow-moving legal process.

A U.S. judge issued a permanent injunction in early October that required the company to provide alternatives to its Google Play store for downloading apps on Android phones. However, the judge later granted Google a pause on the injunction.

In September, Google was back in court for a second time against federal prosecutors, this time for the DOJ's antitrust trial against Google's ad tech business. The trial's closing arguments will take place on November 25.

Outside of courthouses, Google also made some product announcements during the quarter.

In August, Google unveiled its new Android software update and latest Pixel smartphones equipped with its Gemini AI assistant. Although the company's hardware business does not generate much revenue, the latest Android features could help Google generate new income through its Gemini AI subscription program.

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