Google is about to deliver what could be its most triumphant earnings call in years. The search giant reports third-quarter results Wednesday evening riding a 38% quarterly stock surge - its best performance in two decades - fueled by AI breakthroughs and a massive antitrust victory that kept Chrome in Google's hands.
Wall Street is holding its breath as Alphabet prepares to unveil third-quarter numbers that could cement its position as the AI era's biggest winner. Analysts are expecting revenue of $99.89 billion and earnings per share of $2.33, but the real story isn't in the numbers - it's in the momentum.
The company's stock has been on an absolute tear, climbing 38% during the third quarter alone. That's Google's best quarterly performance in 20 years, and it hasn't stopped there. Shares have rallied another 11% in October, pushing the company's market value past the $3 trillion milestone that only Apple, Microsoft, and Nvidia have reached.
Google's biggest win came in September when U.S. District Judge Amit Mehta delivered a stunning blow to the Department of Justice's antitrust case. The ruling rejected the most severe consequences, including the forced sale of Chrome browser - the data goldmine that powers Google's $200+ billion advertising empire. "The market is highly competitive," Mehta wrote in his 226-page decision, noting "numerous new market entrants" in the AI space.
That regulatory victory sent shockwaves through Silicon Valley. President Donald Trump even congratulated Google executives at a Washington dinner, according to CNBC reporting. The ruling effectively cleared Google's path to dominate search while building its AI empire.
But Google hasn't been resting on its legal laurels. The company unleashed a barrage of AI products during the quarter that signal it's serious about taking on OpenAI. In September, Google's Gemini app dethroned ChatGPT as the top app on Apple's App Store - a symbolic victory that shows consumer interest shifting toward Google's AI.
The numbers Wall Street is really watching tell the story of Google's diversification beyond search. YouTube advertising revenue is expected to hit $10.01 billion, while Google Cloud should reach $14.74 billion - both showing the company's growing muscle in high-margin businesses. Traffic acquisition costs of $14.82 billion will reveal how much Google is paying partners like Apple to keep its search box front and center.
CEO Sundar Pichai has been aggressive about positioning Google as the AI leader. At Salesforce's Dreamforce conference, he announced that Gemini 3 will launch this year, promising to leapfrog competitors. The company also launched Gemini Enterprise in October, targeting corporate clients with AI agents that handle specific work tasks - a direct shot at Microsoft's enterprise AI ambitions.
