Live Blog Google Q1 Live Blog

SAN DIEGO (TheStreet) -- Google (GOOGL) - Get Alphabet Inc. Class A Report (GOOG) - Get Alphabet Inc. Class C Report is going into its first-quarter earnings report with some goodwill thanks to buzz around its just-announced wireless service Project Fi, but the enthusiasm could be short-lived if the company's all-important search business comes up short.

Wall Street is anticipating earnings of $6.60 per share on gross revenue of $17.5 billion, according to analysts polled by Thomson Reuters. Revenue excluding traffic acquisition costs, or TAC, is estimated at $14 billion. 

Analysts will be paying particular attention to paid click growth, an important indicator of how well Google's sponsored search results are performing, and looking for signs that the search giant is doing a better job capitalizing on consumers' shift to mobile devices. The company's greatest hurdle is keeping search relevant to consumers on smartphones who are increasingly turning to apps for their queries.

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Google also has to contend with antitrust allegations recently lodged against it by the European Union. Though the investigation could drag on for years, it threatens penalties that could hurt Google's search advertising business, which means analysts expect executives to address the matter during the earnings conference call.

But the biggest wildcard for earnings will be the impact of the strength of the U.S. dollar on sales and profit. Bank of America Merrill Lynch estimates a negative impact of roughly $1 billion on revenue due to foreign exchange rates, which is in line with other projections.

TheStreet will be live blogging the results starting at 3:45 p.m.