Alphabet is expected to report second-quarter earnings, with analysts predicting revenue of $93.94 billion and earnings per share of $2.18. Wall Street is closely watching YouTube advertising revenue, Google Cloud revenue, and traffic acquisition costs in the report, with expectations of 10.9% revenue growth and 15% earnings per share growth.

During the second quarter, Alphabet unveiled new AI products, including a subscription tier called “Google AI Ultra” and a partnership with Warby Parker to launch smart glasses. Google also announced a venture fund to invest in AI startups and began testing its “AI Mode” product on the home page.

Google made strategic acquisitions during the quarter, bringing in Windsurf CEO Varun Mohan and other top researchers in a $2.4 billion deal. The company also made personnel changes, adding a chief AI architect role and offering buyouts to U.S.-based employees across various divisions.

Waymo, Alphabet’s self-driving car unit, reached 100 million fully autonomous miles driven on public roads and expanded into new markets. The company announced plans to drive vehicles manually in New York and began testing in Philadelphia while offering accounts for teens in Phoenix.

However, Google faced challenges during the quarter, with significant global outages affecting its cloud services and disrupting large internet services. Despite these setbacks, Google continues to innovate and expand its AI capabilities, positioning itself as a leader in the industry.

Read more at CNBC: Alphabet to report Q2 earnings after the bell