The Street was anxiously awaiting Alphabet’s earnings after the bell as the company had another “prove me” quarter on the advertising front with headline results handily beating expectations. While the EU fine was not in Street numbers on an apples to apples basis, Alphabet delivered better than expected headline numbers with total revenues and EPS of $32.66 billion and $11.75 (ex-fine) vs. the Street’s estimates of $32.21 billion and $9.64, respectively. Revenue ex TAC was $26.24 billion vs. the Street at $25.58 billion as TAC came in lower than expectations which is a clear positive takeaway from the quarter. Overall the all-important advertising revenues came in ahead of Street expectations which is a clear feather in the cap for the bulls around some of the underlying core metrics with much lingering angst around search and YouTube advertising revenues in light of recent regulatory swirls post Cambridge/Facebook. To this point, while regulatory clouds and margins continue to be overhangs on the name, we believe 2Q advertising and “bread and butter” search revenues were healthy and a good barometer of potential strength heading into the rest of 2018/2019. YouTube advertising revenues continues to be a “crown jewel” for the company and a major tailwind heading into the next 12 to 18 months. TAC trends will again be a focus this quarter, as mobile advertising impression success remains a key going forward for Google in this very competitive land grab market opportunity with rising costs front and center. Overall, we believe “good enough” 2Q earnings and guidance could be a positive catalyst for shares with much fuel left in the growth tank in our opinion, although this will continue to be a battlefield stock over the coming months with the bulls/bears both hanging their hats on various metrics following this earnings report. The big lingering question is around the evolving regulatory landscape (EU fine and strategy going forward) that could be on horizon for Google along with GDPR standards that will be front and center for the Street on today’s conference call although it looks like this recently implemented data/privacy legislation had minimal negative impact on the fundamentals of Google. We maintain our Highly Attractive rating and $1,300 price target.