Porat joined the Mountain View, California-based company in May, and before that had a high-profile career on Wall Street, most recently as CFO of Morgan Stanley. She succeeded Patrick Pichette, Google's finance chief of seven years.
At the end of the first quarter, Google had $65.4 billion in cash and short-term investments, a 31 percent increase from two years earlier. Sales growth in the same two-year period was only slightly faster at 33 percent.
"A capital return road map could allow for clearer valuation of Google's $65 bln in cash," wrote Nomura Securities analyst Anthony DiClemente, in a July 13 report titled, "Ms. Porat's Pitch: 2Q15 Preview."
DiClemente has a "buy" rating on the stock and $625 price target, 11 percent higher than Tuesday's closing price of $561.10.
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Analysts on average expect second-quarter revenue of $17.8 billion, representing a growth slowdown to 12 percent from 22 percent in the same period last year, according to Thomson Reuters. Earnings per share likely increased to $5.45 from $4.99, analysts estimate.
Google's control of the Web search market has held steady or increased in recent years, but mobile presents a challenge. Many smartphone users bypass search, going straight to apps, and for those that do use search, the ads they're served haven't been as lucrative for Google as on PCs.
In the first quarter, aggregate cost-per-click fell 7 percent from a year earlier.