Shares in internet search behemoth Google (NASDAQ: GOOG) recently rose to their highest level ever, giving the company a market capitalization figure (briefly) of over $200 billion. For a company that does not exist except in the virtual sense, that's impressive. The company makes no physical products (save for corporate search appliances) and rose to that level in just over three years on the public market. Is this for real?

Well, Google's recent quarterly earnings have shown that, so far, it is. The company just continues to make money hand over fist in the internet search arena, and have worked many acquisitions into itself to prepare for the day when -- gasp -- it can't grow by leaps and bounds on search results-based text advertising prowess alone. This Thursday afternoon at 4:30pm EST, the company will report its Q3 earnings in what could be one of the most hotly anticipated earnings calls of this season. Although many investors are more concerned with how Yahoo, Inc. (NASDAQ: YHOO) is faring and what it plans to do in order to recapture its former glory, Google pundits are waiting to cheer the company's shares to new highs if it meets huge (again) expectations in a few days.

Analyst consensus expectations are for a $3.25 EPS figure come this Thursday, which would put that number far ahead of the year-ago EPS of $2.36. If Google fails to meet these numbers, does it mean that advertising in general may be slowing down? With the consumer economic situation this year having been a roller-coaster of mortgage, gas and commodity price changes, it could happen. Then again, Google does not have a history of quarterly result disappointments. Stay tuned right here Thursday afternoon, as I'll be covering Google's results live as the conference call and webcast begins at precisely 4:30EST.

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Google, Inc. (NASDAQ: GOOG) is set to release its Q2 earnings here in a few minutes, at 2:30pm PDT, and from all indications, the Internet search leader will have another splendid quarter. Indeed, consensus estimates for quarterly earnings are sitting right at $3.10 EPS, a growth figure of over 40% from the year-ago quarter.

Can Google match this wild expectation? It has not had a problem before, as it seems the company outdoes itself every single quarter, one after the other. What is fueling all this earnings growth? Is it just text-based advertising that Google seems unstoppable at when it comes to serving advertising to search-based customers on the web? Or is Google making more money within other areas within some of its acquired properties as of late?

Something I have said for years now is that Google's growth is grand, but can't continue over and over into the stratosphere on the back of one revenue source: text ads (Google AdSense as well). The company's recent rash of high-profile acquisitions has sent a signal that it wants to be the leader in the search business across all platforms, devices and types of content. It needs to monetize all that activity as well, and if it can figure out how, there will be no stopping Google. Yahoo!, on the other hand, is still not able to figure this out, but it has made baby steps in that arena.

With that, here we go. Remember to use the "Refresh" button on your web browser to refresh this post every few minutes as updates happen. All times below are in PDT.