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How to Read Google's Earnings Today

Q2 numbers are out this afternoon. Here's what to expect from Larry Page and company.

Peter Kafka covers media and technology, and their intersection, at Vox. Many of his stories can be found in his Kafka on Media newsletter, and he also hosts the Recode Media podcast.

Wouldn’t it be great to hear Google discuss its interest, or lack of it, in a Time Warner bid today, during its Q2 earnings call?

But since Google has a long-established record of saying next to nothing about anything, no need to spend a minute wishing for that scenario. Instead, here’s what Wall Street thinks will happen today: Google will report net revenue of about $12.3 billion and earnings of $6.25 a share.

Analysts also expect that Google will report that the cost of its ads will have decreased, as they have for some time, presumably because of the growth of low-cost mobile ads.

You want surprises? Google executives can still deliver earnings surprises on occasion. Last quarter, for instance, they told Wall Street that they had spent more money than analysts had expected, because of their $3 billion Nest deal. Hard to see a version of that this quarter, but that’s the whole point of a surprise.

Here’s RBC analyst Mark Mahaney’s always-helpful cheat sheet to help you gauge the company’s results today. We’ll be back this afternoon for the numbers and the call:

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