LIVE: Google earnings

Google parent company Alphabet is gearing up to announce its second quarter earnings.

This is only the third report under its new organizational structure.

Here's what Wall Street is expecting for the most important numbers:

Revenue: $20.76 billion up 14.7% year-over-year

Adjusted earnings per share: $6.74

Right now, Google's advertising still brings in most of Alphabet's bacon, with "Other Bets" like Nest, Verily, and its super-fast internet service, Fiber, scraping in small revenues and larger losses (last quarter, Other Bets reported revenue of $166 million and operating losses of $802 million). Spending discipline has been one of the biggest themes of Alphabet, so Wall Street wants to see constrained losses there.

On the Google side, analysts will be paying close attention to the "other revenues" category, where the company lumps together its cloud business, Play store revenues, and hardware sales. The company has said in the past that it sees its enterprise services as ultimately surpassing advertising in profitability, so there should be meaningful revenue growth in that category. Last quarter, it grew 24% year-over-year (to $2.07 billion).

And, as usual, two other important numbers are cost per click (how much Google can charge for its ads) and paid clicks (how many times people click those ads). The number of times people click Google's ads has continued to swell, while CPC has dropped because Google can't charge as much for YouTube and mobile ads, the two fastest growing categories.

We'll be covering the earnings live, so click here or refresh to follow along!