Andy Jassy, CEO of Amazon, speaks during an unveiling event in New York on Feb. 26, 2025.
Amazon is slated to post results for the third quarter after the closing bell Thursday.
Here's what analysts polled by LSEG are looking for:
Earnings per share: $1.57
$1.57 Revenue: $177.8 billion
Wall Street is also looking at other key revenue numbers:
Amazon Web Services: $32.42 billion expected
$32.42 billion expected Advertising: $17.34 billion expected
AWS growth will be a major focus for investors once again, as the company faces intensifying pressure from cloud competitors Google and Microsoft , which also reported quarterly results this week.
Revenue at AWS is projected to expand 18.1% year over year, which is about the same growth rate as the second quarter. Google's cloud revenue accelerated 34% during the third quarter, while Microsoft Azure recorded growth of 40%.
AWS stumbled last week during an extended outage that lasted more than 15 hours, taking down numerous websites as a result. Microsoft experienced outages in its Azure cloud and 365 services on Wednesday, hours before its scheduled earnings release.
The Amazon unit is also battling the perception that it's missing out on a flurry of highly lucrative artificial intelligence deals for cloud services.
Anthropic and Google deepened their cloud partnership last week in a deal worth tens of billions of dollars, while Meta has inked hefty cloud deals with Google and Oracle in recent months.
Amazon on Wednesday opened its $11 billion AI data center called Project Rainier, which was first announced last December and is intended to train and run models from Claude chatbot creator Anthropic.
Amazon, which has invested $8 billion in Anthropic, said the startup will use 1 million of its custom Trainium2 chips by the end of 2025.
During last quarter's earnings conference call, investors grilled Amazon CEO Andy Jassy on AWS growth and AI competition.
Jassy reiterated AWS has a "pretty significant" leadership position in cloud market share, while noting that it's still "early" days in the AI industry that remains "very top heavy" with a "small number of very large frontier models."