Google (Nasdaq: GOOG) reported earnings on July 19. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended June 30 (Q2), Google beat expectations on revenues and met expectations on earnings per share.

Compared to the prior-year quarter, revenue improved significantly and GAAP earnings per share improved.

Margins dropped across the board.

Revenue details
 Google reported revenue of $12.21 billion. The 33 analysts polled by S&P Capital IQ looked for sales of $11.11 billion on the same basis. GAAP reported sales were 35% higher than the prior-year quarter's $9.03 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 EPS came in at $10.12. The 37 earnings estimates compiled by S&P Capital IQ predicted $10.10 per share. GAAP EPS of $8.42 for Q2 were 9.6% higher than the prior-year quarter's $7.68 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
 For the quarter, gross margin was 59.0%, 590 basis points worse than the prior-year quarter. Operating margin was 26.2%, 570 basis points worse than the prior-year quarter. Net margin was 22.8%, 500 basis points worse than the prior-year quarter.

Looking ahead
 Next quarter's average estimate for revenue is $12.12 billion. On the bottom line, the average EPS estimate is $10.81.

Next year's average estimate for revenue is $47.01 billion. The average EPS estimate is $43.08.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 15,280 members out of 17,745 rating the stock outperform, and 2,466 members rating it underperform. Among 3,679 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 3,273 give Google a green thumbs-up, and 406 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Google is outperform, with an average price target of $741.11.

New technology paradigms and mobile devices are driving the next wave of Internet services. Many older companies won't survive the change, while fortunes will be made by the first movers in the field. Where does Google fit in? What's the fortune-making change? Check out "The Two Words Bill Gates Doesn't Want You to Hear.." Click here for instant access to this free report.