Alphabet (GOOG -0.33%) (GOOGL -0.31%) is scheduled to report fiscal 2022 second-quarter earnings after the markets close on Tuesday, July 26. The advertising industry giant will update investors on its performance amid macroeconomic headwinds caused by the coronavirus pandemic and exacerbated by the Russian invasion of Ukraine.

Most of the technology sector is in a brutal bear market, and Alphabet's shares are caught up in the mess, down 24% so far this year. Let's look at how Alphabet has grappled with headwinds so far to get an idea of what it will report when it announces Q2 financial results on July 26.

Alphabet is avoiding the worst of macroeconomic headwinds

In its most recent quarter, which ended on March 31, Alphabet reported revenue of $68 billion. That was an increase of 23% from the same quarter the year before. Notably, that was higher than the compounded annual growth rate of 21.1% that Alphabet had delivered in the previous decade. In other words, so far, the factors emerging from the pandemic have helped boost Alphabet's revenue growth above its historical rate.

GOOG Revenue (Quarterly YoY Growth) Chart

GOOG Revenue (Quarterly YOY Growth) data by YCharts.

That isn't to say that the headwinds are not hurting Alphabet's results. Considerable harm has come from its YouTube segment, where Alphabet suspended most of its commercial activities in Russia. Additionally, the Russian invasion has caused European brand advertisers to rein in spending as uncertainties have risen.

Surprisingly, the privacy changes implemented by Apple (AAPL -0.09%) that make it more challenging to collect data and sell targeted advertising are having no meaningful impact. Perhaps Alphabet's search-centric business model has muted the adverse effects of the changes that other advertising companies like Meta Platforms (META -1.90%) Pinterest (PINS -0.84%), and Snap (SNAP -0.75%) are making. Social media companies rely more heavily on collecting data and selling targeted ads. 

What this could mean for Alphabet investors

Analysts on Wall Street expect Alphabet to report revenue of $70.4 billion and earnings per share (EPS) of $1.28 on a split-adjusted basis. If the company meets these projections, it would be an increase of 13.80% and a decrease of 2.93%, respectively, from the same period a year prior.

That would be a considerable slowdown from recent trends as analysts forecast a bigger bite into Alphabet's performance from the macroeconomic headwinds. Admittedly, the risks have risen over the previous quarter. The Russian invasion of Ukraine has intensified. The supply shortages caused by the pandemic are boosting inflation to record levels. And the Federal Reserve's interest rate increases threaten to push the U.S. economy into recession. So while Alphabet has so far only felt mild impacts from macroeconomic headwinds, it's expected to be worse this quarter. 

GOOG PE Ratio Chart

GOOG PE Ratio data by YCharts.

Nevertheless, it's no reason to sell Alphabet's stock, which is relatively cheap at a price-to-earnings multiple of 19.9. The stock has arguably already incorporated the bad news into the price, limiting future downside.