Alphabet is closing in on all-time highs ahead of earnings

Beck Diefenbach/Reuters

Google CEO Sundar Pichai.

• Alphabet shares are nearing record highs ahead of the company's second-quarter earnings.
• The results come less than a week after Alphabet was fined a record $5 billion by the European Union.
• Watch Alphabet trade in real time here.

Shares of Google-parent Alphabet are trading up 1% at $1,210 a share ahead of the company's second-quarter earnings report due out after the closing bell. Monday's bid has Alphabet trading about 1% below its record high of $1,221.59.

Wall Street analysts surveyed by Bloomberg are expecting the search giant to earn an adjusted $11.68 a share on revenue of $25.55 billion. GAAP earnings are forecast at $9.30 a share.

The results come less than a week after the European Union fined Alphabet a record breaking 4.3 billion euros ($5 billion), accusing it of abusing its dominant Android mobile-operating system to cement the popularity of Google apps and services. The penalty is equal to about 40% of Google's $12.62 billion profit in 2017.

Analysts across Wall Street say the fine likely won't have much of an impact on Alphabet.

"We do not believe the fine (if ultimately paid) would have a material effect on Alphabet's business or its liquidity," Goldman Sachs analyst Heath Terry said in a note. "The mandated changes to behavior may have a greater impact, but we cannot quantify that impact without knowing how Google will alter its operations, or whether it will be forced to comply pending appeals." He rates the stock a "buy," with a price target of $1,250 a share.

Alphabet shares are up 14.81% this year.

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