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What do Google execs think about regulation, privacy and the future of their ad business? Time to find out.

Alphabet’s Q1 earnings are out today. It’s the first post-Cambridge Analytica report for the big tech platforms.

Google CEO Sundar Pichai onstage in front of a white wall with the word “Google.”
Google CEO Sundar Pichai
Justin Sullivan / Getty
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.

Judging by headlines, the internet ad business is in real turmoil.

What do internet advertisers — and investors in internet advertising companies — think about that?

We may get a few answers this afternoon, when Alphabet, Google’s parent company, reports its Q1 results. It’s the first time any of the big internet advertising platforms have presented numbers to Wall Street since Facebook’s Cambridge Analytica scandal broke in mid-March.

That story — and the ensuing discussion about the need to regulate big tech platforms — tanked both Facebook and Alphabet shares, though both have started climbing back.

If this story has had any effect on Google’s business, you won’t see it directly reflected in today’s numbers. Google’s first quarter ended March 31, about two weeks after the first Cambridge Analytica reports appeared. Even if advertisers did change the way they approached Google’s search ads, display ads and YouTube video ads, that wouldn’t show up that quickly.

But it’s reasonable to expect some kind of commentary from Google execs today about what they’re hearing from advertisers, and whether they expect to see any kind of long-term repercussions — whether it’s from ad buyers, consumers or regulators.

That doesn’t mean we’ll get it! Google has a long-running policy of providing very little information to investors about ... anything. And its earnings calls in particular can be a study in opacity.

But we can always hope. At a minimum, it’s a dress rehearsal for Facebook, which reports on Wednesday.

In the meantime, here’s RBC analyst Mark Mahaney’s helpful guide to interpreting today’s numbers:

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