NEW YORK (CNN/Money) – Google will report its fourth quarter results after the bell Tuesday and it is safe to say that Wall Street is anticipating a blowout quarter.

Shares are up nearly 130 percent since the company's initial public offering in August and the stock trades at 57 times 2005 earnings estimates.

Given that level of appreciation and valuation, "good" results won't be enough for Google (Research).

"In many respects, you've left fundamentals land and have entered expectations land," said Mark Mahaney, an analyst with American Technology Research. "Fundamentals can improve and the stock can trade off if expectations aren't met."

Several dot-coms have already incurred Wall Street's wrath after posting what were perceived to be less than spectacular results.

Earnings for eBay (Research) increased by 44 percent in the fourth quarter but missed earnings estimates by a penny per share and the company lowered guidance for 2005. The result? Shares plunged 19 percent.

Last Friday, Overstock.com (Research) plunged 20 percent after warning investors that gross profit margins should be a little bit weaker than anticipated in the first quarter. That was despite better than expected fourth quarter sales and profits.

Even Yahoo! (Research), which reported extremely strong results for the fourth quarter and raised guidance for 2005, has seen its stock fall about 6 percent since its earnings release.

So what will Google need to do to impress Wall Street? Analysts, on average, expect the company to report earnings of 77 cents per share. That's a pro-forma number, however, which does not include stock option expenses and several other charges.

Complicating matters is the fact that Google doesn't give earnings guidance. So per share estimates are all over the map, ranging from 61 cents to 84 cents.

David Garrity, an analyst with Caris & Co., is the source of the low estimate. He thinks Google's research and development expenses will hurt profits more than many think.

Marianne Wolk, an analyst with Susquehanna Financial Group, thinks that Google could easily beat her earnings targets due to lower than expected amounts of operational spending. Still, her estimate is just 70 cents.

Google's first earnings release as a public company was an extremely bewildering one for investors to wade through. Shares initially plunged after hours when it appeared that the company missed earnings estimates but later surged after more detail about pro-forma numbers came out during the company's conference call.

Analysts expect similar confusion on Tuesday. For this reason, Wall Street might be paying closer attention to the company's sales figures. Revenues, excluding traffic acquisition costs (TAC) that Google shares with affiliate Web sites, are expected to come in at $590 million. That would be a 17 percent increase from the third quarter.

Yahoo!, however, reported sequential revenue growth, excluding TAC, of 20 percent in the fourth quarter. So investors will be looking for Google to outpace its biggest rival.

"It all depends on the top line. That is key," said Mahaney. "The market is more sensitive to revenue."

Garrity agrees. "If the company beats revenue expectations, people may look past an earnings miss because they'll know that earnings power will be there," said Garrity. "Search is a market that is developing rapidly. This is a time for Google to take the leadership position that it has established and enhance it."

Google will be facing increased competitive pressure from the likes of Yahoo! and Microsoft's (Research) MSN this year. But other companies are also trying to muscle their way into the search market, including Amazon.com (Research).

The online retailer announced last week that it's A9 search unit now offers a local search function including more than 20 million street-level photographs to coincide with address and phone number information. Amazon used a fleet of trucks equipped with digital cameras and global positioning systems to take the photos.

"This establishes A9 as an innovator in search. Amazon is committed to having a role in the market," said Jeff Lanctot, vice president with Avenue A/Razorfish, an interactive advertising agency and subsidiary of aQuantive (Research).

Analysts said Google will probably give few details on Tuesday's call about increased competitive threats, preferring instead to wait until its analyst meeting on Feb. 9 to talk about big picture strategy. So investors may have little more than the fourth quarter numbers to digest Tuesday.

Finally, there is one more factor could cause Google's shares to be volatile in the coming weeks. The last, and biggest, lock-up period for shares owned by insiders will expire on Feb. 14. At that point, nearly 177 million shares will be eligible to hit the market.

But it remains to be seen just how many shares will actually be sold. Several top executives have filed pre-arranged selling plans, which should minimize some of the downward pressure on the stock.

Analysts quoted in this story do not own shares of companies mentioned and their firms have no investment banking relationships with the companies.