Live: Here come Google and Alphabet's Q1 earnings

• Alphabet will announce its Q1 results on Tuesday, giving us our first look at how the pandemic is impacting the company.
• Analysts expect a revenue bump of around 10.5% but say it will be the Q2 results that really reflect how Google is being hit by the current global situation.
• Analysts are keeping an especially close eye on Google's performance from mid-March onwards, as this was when most of its workforce began working from home.
• Visit Business Insider's homepage for more stories.

Google parent company Alphabet will report its first-quarter results after Tuesday's close of market, and Wall Street has one big question: how badly is the pandemic hitting Google's ad business?

Alphabet is expected to report a $32.6 billion in revenue (minus traffic acquisition costs) according to analysts polled by Bloomberg, which, at 10.6% above last year's results, would represent one of the slowest growth rates in the company's history.

And some analysts believe even those forecasts could be too optimistic, given the economic slowdown triggered by the pandemic.

While Pichai now sits at the head of Alphabet, it was Google that generated more than 99% of Alphabet's revenue in 2019. Of that, 84% came from advertising – which should tell you why Alphabet is something of a bellwether for the wider digital ad industry, of which Google and Facebook are currently dominating.

The Q1 earnings will be the second update since Sundar Pichai became the CEO of Alphabet. In its Q4 earnings, the company spun out its YouTube and Cloud earnings separately for the first time, an unintentionally prescient move as Wall Street has also earmarked these as the two areas likely to benefit from the pandemic.

Here's what analysts are expecting and how it compares to last year's results:

• Q1 revenue minus traffic acquisition costs (TAC): $ 32.6 billion, up 10.6% year over year. It reported $29.48 billion of revenue on the same basis in Q1 2019.
• Q1 Earnings-per-share (GAAP): $10.36, slightly up from $9.50 in Q1 2019.
• Q2 revenue forecast (minus TAC): $29.86 billion. In the same period last year Alphabet reported $31.7 billion on the same basis.
• Q2 EPS (GAAP) forecast: $7.89 per share. Alphabet earned $14.21 per share for the same quarter last year.

We'll be reporting Alphabet's full results as soon as they cross the wire, so hit refresh or click here for the latest updates.