Wall Street expects third-quarter revenue of roughly $127.9 billion and earnings of $3.03 a share, according to Business Insider's pre-earnings coverage, which would mean revenue growth of about 25% and EPS growth of 5.6%. Bank of America's Justin Post forecasts revenue net of traffic-acquisition costs of $111.4 billion and GAAP EPS of $3.07, ahead of the Street's comparable estimates of $111.0 billion and $2.98. The two revenue numbers sit on different bases. Post's excludes traffic-acquisition costs; the $127.9 billion is consistent with total revenue.
Bank of America sees the likeliest upside in Google Cloud. It expects the unit to grow about 93% in the third quarter, against a consensus of 89%, citing capacity additions and incremental sales of Tensor Processing Units (TPUs). Cloud revenue rose 82% to $24.8 billion in the second quarter. Citizens' Andrew Boone also expects better-than-expected Cloud results, driven by pricing and utilization.
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