Earnings week July 29–30: Google results are in, Microsoft, Meta, Qualcomm, Apple, Amazon up next

Five of the most widely-held names among Indian RSU holders report this week. Google (Alphabet) already went — results are in, stock fell. Microsoft, Meta, and Qualcomm report after market close on July 29. Apple and Amazon report on July 30. By Friday August 1, the earnings picture for the entire Mag-7 cohort will be complete.

This is the single most concentrated earnings week of the year for engineers with US equity. If you vest in August — the most common vest month after an April grant or a May grant date — the stock price your employer uses to calculate your perquisite will reflect whatever the market thinks of these results. Here is everything you need.

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Google (Alphabet) — already reported July 22

Results: Revenue $119.8 billion, up 24% YoY. Beat consensus of $117.1 billion. Google Cloud revenue +82% YoY to $24.8 billion — the standout number of the quarter. EPS of $9.11 vs $2.89 estimate, though the delta was almost entirely driven by a $99 billion gain on equity securities ($77 billion after tax), not operational earnings. Adjusted for that, the underlying beat was solid but not extraordinary.

Why the stock fell anyway: Alphabet guided to capex of roughly $75 billion for 2026 — higher than the market had priced in. Investors who bought the cloud acceleration thesis are now doing the math on whether returns on that spending materialise in 2027. The tension between enormous cloud growth and enormous spend is the story of Alphabet right now.

Metric	Result	vs Estimate
Revenue	$119.8B	Beat ($117.1B expected)
Google Cloud revenue	$24.8B (+82% YoY)	Beat
EPS (GAAP)	$9.11	Beat (includes $6.26 from investment gains)
2026 capex guidance	≈$75B	Missed (higher than expected)

For GOOGL RSU holders: If your August vest date falls in the first two weeks of August, you are vesting into a stock that sold off after a genuine beat. That is a lower perquisite, which means less TDS withheld in August — and potentially a lower cost basis for future capital gains calculations. The cloud acceleration is real; the capex hangover is temporary. If you have unvested shares, the thesis for holding remains intact.

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Microsoft — July 29 after market close

What analysts expect: Revenue of $87.6 billion (consensus), up approximately 15% YoY. EPS of $4.24, up 16% YoY. Azure growth is the number that matters — the market wants to see acceleration toward the 35%+ range. Microsoft stock is trading around $386 ahead of the print; the average analyst price target is $560, implying over 45% upside from here.

The key question: Azure growth has disappointed for multiple quarters. Microsoft has spent heavily on AI infrastructure — $80 billion in capex committed for FY2026 — and investors want to see that spend turning into revenue. If Azure comes in at 33%+ and management guides to acceleration, expect the stock to move sharply higher. If Azure growth disappoints again and capex guidance stays elevated, the stock will fall regardless of the headline revenue beat.

Metric	Consensus estimate	Key watch
Revenue	$87.6B	Azure growth rate (target ≥33%)
EPS	$4.24	Capex guidance
Azure growth	≈33%	Guidance tone for FY2027

For MSFT RSU holders: Microsoft is the most stable compounder in this cohort. Even in a miss scenario the stock typically recovers within weeks. The August vest FMV will largely reflect the earnings reaction — a beat on Azure could put MSFT 5–10% higher than where it is today within a few weeks of the print.

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Meta — July 29 after market close

What analysts expect: Revenue of $60.2 billion (consensus), within Meta's own guidance range of $58–61 billion. EPS of $7.18, with Bank of America modelling $7.50. Advertising demand remains healthy and AI-driven feed and Reels ranking improvements continue to support engagement and monetisation. The debate is whether Meta's massive AI capex ($72 billion for 2026, raised twice) will face the same scrutiny Google did, or whether the advertising cash machine provides enough cover.

The key question: Wedbush is focused on the AI monetisation gap — Meta is spending at scale but has not yet announced a clear direct-revenue product from its AI investments. Investors may push on whether Meta AI, Llama licensing, and smart glasses revenue will eventually close the return-on-investment gap. The core ad business is strong enough that a miss here would require a genuine revenue shortfall.

Metric	Consensus estimate	Key watch
Revenue	$60.2B	Ad revenue growth and Q3 guidance
EPS	$7.18	AI capex trajectory
2026 capex	≈$72B already guided	Any revision upward

For META RSU holders: Meta has been one of the strongest performing Mag-7 names since the 2022 trough. The stock has re-rated significantly and is no longer cheap. A solid beat and unchanged capex guidance should hold the stock near current levels or push it modestly higher. An upside surprise on revenue with tighter capex messaging would be a meaningful catalyst.

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Qualcomm — July 29 after market close

What analysts expect: Revenue of $9.675 billion (consensus), within Qualcomm's own guidance of $9.2–10 billion. Non-GAAP EPS of approximately $2.23. Polymarket traders assign an 87% probability of a beat. Qualcomm has beaten or matched estimates in each of its last four quarters. The AI data centre push — Qualcomm's server and edge AI chips have won design wins at several hyperscalers — is the growth narrative for FY2027 and beyond.

The key question: Smartphone end-market. Qualcomm's core Snapdragon business is tied to Android handset volumes, which have been recovering but remain below 2021 peak. If Qualcomm can show diversification toward automotive, IoT, and data centre while maintaining mobile share, the multiple expansion thesis holds. The risk is guidance that shows mobile softness offsetting AI upside.

Metric	Consensus estimate	Key watch
Revenue	$9.675B	Automotive and AI data centre segment
Non-GAAP EPS	≈$2.23	Mobile volumes and Q4 guidance
Full-year EPS	$7.96 (est.)	Street still modelling 21% YoY decline

For QCOM RSU holders: Qualcomm trades at a discount to the broader semiconductor peer group because of mobile concentration. A strong earnings print that highlights AI data centre traction could begin to re-rate the stock. Your August vest FMV on QCOM depends almost entirely on whether this narrative resonates with investors post-print.

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Apple — July 30 after market close

What analysts expect: Revenue of $108.9 billion (consensus), up 14–17% YoY. EPS of $1.89, up approximately 21% YoY. iPhone revenue in the $55–57 billion range. Services is the key growth driver — expected at $31–32 billion, another record quarter. Bank of America reiterates a $380 price target and expects an earnings beat. The iPhone 17 cycle is generating solid upgrade demand, and the installed base has never been larger.

The key question: China. Apple's revenue from Greater China has been a consistent concern as Huawei regained ground with its 5G Mate series. Any sequential improvement in China iPhone numbers would be a positive surprise. Any deterioration — particularly in the context of trade policy uncertainty — will weigh on the stock regardless of the headline beat.

The AI angle: Apple Intelligence features, now broadly deployed, are not yet materially contributing to revenue but are supporting upgrade cycles. Management commentary on AI monetisation plans — particularly Services integration — will be closely watched.

Metric	Consensus estimate	Key watch
Revenue	$108.9B	Greater China revenue
iPhone revenue	$55–57B	Upgrade cycle strength
Services	$31–32B	Record quarter expected
EPS	$1.89	Q4 FY2026 guidance

For AAPL RSU holders: Apple is the most widely held RSU name among Indian engineers. The stock tends to respond more to guidance than to the current quarter result. A strong Q4 FY2026 guide (October quarter — holiday build) with Services continuing to grow will push the stock higher into August. A cautious guide citing China or FX will pull it lower.

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Amazon — July 30 after market close

What analysts expect: Revenue of $196 billion (consensus; Amazon guided $194–199 billion). EPS of $1.82. AWS growth of approximately 33% YoY — the number Bank of America raised to 33% from 31%, citing Anthropic workload revenue and OpenAI-Bedrock demand. EBIT expected at approximately $24 billion. The advertising business is also expected to deliver another strong quarter. Amazon has roughly 30% implied upside to analyst price targets at current prices.

The key question: AWS margin. Revenue growth at AWS is accelerating, but investors want to see operating leverage — that higher AWS revenue flows through to meaningfully higher operating margins. If AWS grows 33%+ at expanding margins and management raises capex guidance to $210 billion (reflecting high-confidence demand signals), the market will likely read that as a positive: more spend means more booked demand. Amazon's capex is less penalised than Google's because AWS revenue growth is more directly tied to that spending.

Prime Day in Q2: Amazon shifted Prime Day into Q2 2026 for the first time. This should create a meaningful one-time boost to retail revenue in this quarter that will partially unwind in Q3. Management commentary on the Q3 retail outlook will be important for context.

Metric	Consensus estimate	Key watch
Revenue	$196B	AWS growth rate (target ≥33%)
EPS	$1.82	Operating leverage at AWS
AWS revenue	≈$35–36B	Margin expansion
2026 capex	May raise to $210B	Read as demand-signal positive

For AMZN RSU holders: Amazon has the largest gap between current price and analyst consensus target of the six names this week. The stock has been in a multi-month consolidation. A strong AWS result with expanding margins could be the catalyst that breaks it higher into August. Your August vest FMV on AMZN is likely to be materially higher than today if the print is strong — and strong is the base case.

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What happens to these stocks in August?

The historical pattern for Mag-7 earnings reactions is consistent: the first 24–48 hours after the print capture the market's initial read. Then, over the following two to three weeks, the stock either continues in the direction of the initial reaction (if guidance confirms the thesis) or mean-reverts (if the initial move was an overreaction to one line item).

For August RSU vests, the key dates are typically in the first two weeks of the month (vest dates of August 1, 5, 10, 15 are common depending on grant dates). If you vest in early August, your FMV will reflect the post-earnings settlement price from the July 29–30 prints. If you vest in mid-to-late August, you have slightly more time for the dust to settle.

Practical implication for each name:

Company	Current tone	August RSU vest implication
GOOGL	Sold off on capex; cloud strong	Lower-than-expected perquisite; solid underlying thesis intact
MSFT	Cautious; Azure growth key	Beat + Azure guidance = meaningful upside; miss = more sideways
META	Bullish consensus	Beat likely; stock near highs; perquisite in line with recent levels
QCOM	87% beat probability	Beat could re-rate stock; August vest FMV may surprise on upside
AAPL	Guidance-driven	China risk is the swing factor; services strength provides floor
AMZN	Biggest upside potential	AWS beat + margin expansion = significant August FMV uplift likely

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The TDS and perquisite angle

Every vest after earnings produces a perquisite calculated as: FMV at vest date × number of shares × SBI TTBR. A 10% stock move in the week before your August vest date changes your TDS obligation by 10% on the RSU component of your income.

For engineers with large unvested positions at names that beat significantly — Amazon and Meta are the highest-probability upside surprises this week — the August vest perquisite will be meaningfully larger than it would have been before earnings. Make sure your advance tax payments reflect this. If you are in the 30% slab with surcharge (income above ₹50 lakh), the marginal rate on the incremental perquisite is approximately 34–39% depending on your surcharge bracket.

For engineers at companies where the stock falls after earnings (Google is the live example), the perquisite is lower and TDS withheld will be lower — but your cost basis for future capital gains is also lower, which matters when you eventually sell.

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Watching the prints

All five companies report after market close US Eastern time — which is early morning India time the following day (July 30 and July 31 India time). Earnings calls begin approximately 30–60 minutes after the press release. The key slides from the earnings release and the conference call transcript will be available on each company's investor relations page within hours.

For RSU-specific context — how earnings results flow into your Form 16 perquisite calculation, your Schedule FA, and your ITR-2 filing — the mechanics are unchanged regardless of stock movement. The FMV on your vest date is the number that matters, and it is determined by the market, not by the earnings result itself. Earnings results determine where the market sets that price.