Amazon CEO Andy Jassy attends the Allen & Firm Solar Valley Convention in Solar Valley, Idaho, on July 9, 2025.
Kevin Dietsch | Getty Photographs
Amazon will report second-quarter outcomes after the market shut Thursday.
This is what analysts surveyed by LSEG expect:
- Earnings per share: $1.33
- Income: $162.1 billion
Wall Road can be different key income metrics:
- Amazon Net Companies: $30.8 billion, in response to StreetAccount
- Promoting: $14.99 billion, in response to StreetAccount
The corporate spooked buyers in Might when it warned in its earnings report that “tariff and commerce insurance policies,” in addition to “recessionary fears,” might weigh on second-quarter outcomes.
Amazon CEO Andy Jassy mentioned on the time that “none of us is aware of precisely the place tariffs will settle or when.” Jassy later mentioned the corporate hasn’t seen “any attenuation of demand at this level” on account of tariffs and that Amazon has taken steps to maintain costs regular on its web site.
President Donald Trump‘s unpredictable tariff agenda primarily poses a risk to Amazon’s sprawling e-commerce enterprise, which accounts for the majority of its gross sales. The core on-line shops unit is predicted to publish $58.98 billion in gross sales, in response to StreetAccount. Wall Road is projecting vendor providers income to succeed in $38.7 billion through the quarter.
A number of analysts mentioned the tariff and geopolitical backdrop for Amazon has turn into extra manageable in latest months, which is certainly one of a number of causes they’re optimistic concerning the firm’s second-quarter report.
“Via the quarter, the US client backdrop has remained supportive as tariff issues wane and customers proceed to spend,” analysts at Deutsche Financial institution wrote in a July 22 analysis word. The agency has a purchase ranking on Amazon’s inventory.
Trump’s tariffs could also be giving Amazon a lift, to some extent.
The Deutsche analysts mentioned it is “turn into abundantly clear” that Amazon has gained a higher share of the U.S. e-commerce market within the face of diminished competitors from ultra-cheap Chinese language on-line retailers Shein and Temu, which is owned by PDD Holdings.
Each corporations have struggled to protect their grip on American consumers after the Trump administration ended de minimis, a commerce exemption that allowed low-value shipments to enter the nation duty-free, and instituted increased tariffs on Chinese language imports.
Amazon’s third-quarter steering will give a view into whether or not the corporate expects tariff dangers to proceed. Analysts are projecting income to succeed in $173.3 billion within the present quarter.
Exterior of retail, buyers shall be holding an in depth eye on Amazon’s cloud enterprise. Income at AWS within the first quarter grew 17%, which fell wanting analysts’ estimates and was the slowest progress in a yr. Analysts are projecting about the identical year-over-year progress for the second interval.
Jassy mentioned in Might that the cloud enterprise would have grown sooner if it weren’t for capability constraints brought on by shortages of AI chips and different parts.
Amazon has pledged to spend as much as $100 billion this yr, largely on AI-related investments for AWS. Wall Road shall be listening to whether or not Amazon reaffirms or boosts that quantity. AI and cloud competitor Google final week upped its capital spend to $85 billion this yr as a part of its second-quarter earnings.
Like different main tech corporations, Amazon has been laser-focused on AI. Through the quarter, Amazon started releasing an AI-upgraded model of its Alexa voice assistant and it launched a brand new agentic AI group in its skunkworks analysis and improvement unit.
The expertise can be remodeling Amazon’s workforce. In a June word to workers, Jassy mentioned the corporate’s company worker base will shrink within the coming years because it adopts extra generative AI instruments and brokers.
“It is arduous to know precisely the place this nets out over time, however within the subsequent few years, we count on that this can cut back our whole company workforce,” Jassy wrote.
Amazon shares have lagged these of its tech friends this yr regardless of its heavy investments in AI. Amazon’s inventory is up 5.4% yr thus far, whereas shares of Meta and Microsoft have climbed roughly 20% over the identical stretch. Apple, which has struggled with its AI improvement, is down about 15.5% to this point this yr.
