Amazon (AMZN) will release Q3 earnings today shortly after 4:00 p.m. ET, with a conference call at 5:30 p.m. ET.

Analysts project EPS growth of 21% to $1.14 and revenue of $157.28 billion, within AMZN's guidance range of $154.0-158.5 billion.

Q4 Guidance and Key Focus – Operating Income:

Amazon provides next-quarter revenue and operating income guidance but not EPS. For Q3, it guided operating income between $11.5-15.0 billion, following a significant Q2 beat. Watch for cautious commentary on spending and ASP trends, as AMZN has seen consumers trading down.

AWS and Competitive Cloud Performance:

AWS was strong in Q2, growing revenue by 19% in constant currency, while recent Microsoft Azure growth was decent but with soft Q4 guidance.

Holiday Season Impact:

Insights on the upcoming holiday season are anticipated, especially given the shorter shipping period between Black Friday and Christmas this year, which could impact Q4 sales.

TECHS:

AMZN has reported six consecutive double-digit EPS beats, with a likely boost from the July Prime Day. The stock has been recovering gradually since Q2’s dip.

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The Season (AMZN Earnings)