Amazon on deck to report earnings after the bell with cloud, capex in focus

Andy Jassy, CEO of Amazon, speaks during an unveiling event in New York on Feb. 26, 2025.

Amazon is set to announce its second-quarter earnings after the bell on Thursday.

Here's what analysts are expecting, according to estimates compiled by LSEG:

Earnings per share: $1.82

$1.82 Revenue: $196.47 billion

Wall Street is also looking at other key revenue numbers:

Amazon Web Services: $40.54 billion expected, according to StreetAccount

$40.54 billion expected, according to StreetAccount Advertising: $19.43 billion expected, according to StreetAccount

Investors are watching Amazon and the rest of the so-called hyperscalers' capital expenditures as the mood around massive investments in artificial intelligence has grown increasingly jittery. Alphabet shares sank last week after the company hiked its capex forecast for the year to as high as $205 billion.

On Thursday, Microsoft shares surged as much as 15% after the company reported better-than-expected earnings and reaffirmed its 2026 capex plans. Meta 's stock tumbled 9%, meanwhile, after it gave a light revenue forecast for the current quarter, with its AI bets eating into its cash flow.

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