Google (GOOG, $454.73, down $0.30) is set to report earnings after the market closes today and analysts are expecting $4.52 per share on revenue of $3.6 billion. The last time the company reported they disappointed the Street and the stock got nailed falling from $584 to a low of $519 that day before finishing the session at $548. Google is down another 100 points since so today’s earnings will be key if the stock can resume its uptrend it had on its march to $750.

Google has faced challenges in the past and could in the future if Microsoft (MSFT, $29.04, up $0.09) and Yahoo (YHOO, $28.09, down $0.22) team up. Their online search numbers will be digested closely. Investors will want to know more about the company’s update on getting into the TV commercial business which is seen as being more effective than traditional TV ad-buying. This is a huge market and it will be interesting on how Google plans to attack it.

Here’s another earnings play that is extremely risky if you are considering going long or short the stock or options heading into earnings. You could almost bet the house on the company’s earnings in the past and expect a pop but after Google disappointed Wall Street once that is no longer a given.

Rick Rouse