UPDATE—Aug. 1, 2024: This article has been updated to reflect more recent analyst estimates and share price information.

Amazon (AMZN) reports earnings after the bell Thursday, with investors watching the results after a tech-industry selloff 澳洲幸运5官方开奖结果体彩网:dragged heavyweights like the 澳洲幸运5官方开奖结果体彩网:Magnificent Seven lower last week after earnings from 澳洲幸运5官方开奖结果体彩网:Google parent Alphabet (GOOGL) and Tesla (TSLA) 澳洲幸运5官方开奖结果体彩网:disappointed.

Analysts expect total revenue for the tech and online retail giant to rise about 11% from the second quarter last year to $148.67 billion. Net income is projected to jump 65% year-over-year to $11.15 billion from $6.75 billion in the year-ago quarter. Amazon has worked to reduce costs by making its delivery network more efficient over the past year.

Key Metrics: AI, Advertising Revenue

In Amazon's 澳洲幸运5官方开奖结果体彩网:last earnings report in April, growth from the company's advertising segment and revenue from Amazon Web Services (AWS) and the company's efforts in artificial intelligence (AI) 澳洲幸运5官方开奖结果体彩网:boosted Amazon's earnings.

Bank of America analysts said they believe growth in AWS demand could power its revenue a⭕bove estimates, as Amazon has expanded the range of products available thro෴ugh its Bedrock platform.

Amazon's advertising revenue is likely to grow in the quarter and the second half of the year as the rollout of ads on Prime Video continues, analysts said. Wedbush analysts said 87% of advertisers who advertise on Amazon said in a recent survey that they increased spending in the second quarter compared to last year, and 91% said they plan to increase their ad spend in the third quarter.

Business Spotlight: Prime Day

While the financial 澳洲幸运5官方开奖结果体彩网:performance of Prime Day will impact Amazon's third-quarter earnings, investors may be looking for additional clues about how successful this year's 48-hour sales event was. Data from Adobe Analytics found that the event generated an estimated $14 billion in online spending across U.S. retailers, 澳洲幸运5官方开奖结果体彩网:split almost evenly over the two days.

Bank of America analysts said their estimates put Prime Day's gross merchandise value around $13.4 billion, up 10% from last year and better than their projections of a 7% bump, also noting that a 澳洲幸运5官方开奖结果体彩网:record number of Prime signups could help Amazon contiꦐnue to gai🅠n market share in online retail.

Amazon shares have gained close to one-quarter of their value since the start of the year, at $189.14 as of 10:20 a.m. ET Thursday ahead of the company's earnings after the bell.