Amazon (AMZN) will report second quarter results this afternoon and host a call at 17:30.

Analysts expect Q2 operating income up 180% to $1.76 bln, with EPS of $2.51 (vs. $0.40 last year) and revenue up 40.6% to $53.37 bln. 

Amazon guided for Q2 operating income of $1.1-1.9B on revenue of $51-54 billion. 

The Street expects Q3 operating income up 273% to $1.3 bln with revenue up 33% to $58.05 bln. 

Amazon has beat estimates on the top and bottom line three quarter in a row. 

Meanwhile, revenue growth has accelerated five quarters in a row. 

AWS is the leader in cloud computing that accounted for 11% of first quarter sales and 73% of profits. 

TECHS:

The stock is up 56% year-to-date and is a close second to Apple in the race to a $1 trillion market cap. 

Amazon has a ~$900 billion market cap and trades at ~140x EPS, ~31x EV/EBITDA, ~4x sales and ~25x FCF per share estimates.