Amazon (AMZN) is set to report its Q2 earnings today after the close of the market.

The company is expected to report earnings per share of $0.35, up from a loss of $0.20 a year ago. Revenue is expected to grow 8.5% year-over-year to $131.49 billion.

AMZN typically guides for revenue and operating income for the next quarter, but not EPS. So, investors will be paying close attention to the operating income guidance. AMZN previously guided to Q2 operating income of $2.0-5.5 billion.

Last quarter, Amazon's headline numbers were great with EPS and revenue upside.

Operating income was nicely above prior guidance. However, investors got concerned when Amazon said that macro issues were continuing to drive cautious spending among consumers. Customers are looking to stretch their budgets and are moderating their spending on discretionary categories and focusing more on lower-priced items.

TECHS:

The stock has leveled off this summer, which could mean some upside is possible if the numbers are good.

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Jungle Book (AMZN Earnings)