After the close, Amazon will report its quarterly earnings.

• The second-quarter earnings report of Amazon is predicted to reveal a revenue growth of 10.5% after the close on Thursday, according to analysts.
• Tech's largest companies have had a mixed earnings season, with Amazon bringing the season to a close.
• As of Wednesday's close, the company's stock price has increased by 23% this year.

is set to report second-quarter earnings after the bell on Thursday.

Here's what analysts polled by LSEG are expecting:

• Earnings per share: $1.03
• Revenue: $148.56 billion

Wall Street is also looking at these key numbers:

• Amazon Web Services: $26 billion in revenue, according to StreetAccount
• Advertising: $13 billion in revenue, according to StreetAccount

Despite Amazon's expanding advertising business and increasing demand for cloud services, revenue growth is still slow compared to the company's standards. Analysts predict sales growth of 10.5% in the quarter, up from $134.4 billion in the first quarter.

The earnings season for leading tech companies has been mixed, with some companies meeting expectations while others posted disappointing results. Google parent Alphabet met analysts' expectations for the second quarter, but its YouTube ad revenue was lower than expected. Microsoft's beat on the top and bottom lines was overshadowed by lower-than-expected Azure cloud revenue. Alphabet's results topped analysts' expectations, driven by growth in its core digital ads business. Amazon reports on Thursday after the bell.

The growth of Amazon Web Services will be closely monitored by Wall Street as the company strives to enhance its artificial intelligence offerings. Microsoft's Azure business experienced 29% growth, while Google Cloud grew at a similar rate. Amazon, the market leader in cloud infrastructure, is predicted to report a growth rate of 17.6%, according to StreetAccount.

BofA Securities analysts viewed Google's cloud results as a positive sign for AWS, indicating that AWS should experience growth in its backlog revenue and increasing demand from customers who require compute power to train their AI models.

Since late 2022, Amazon CEO Andy Jassy has been more disciplined in the company's spending and has looked for ways to cut costs. As a result, Amazon has laid off more than 27,000 employees, with the cuts bleeding into 2024.

Over the past year, Amazon's profit has experienced a significant increase due to cost-cutting measures. In the first quarter, operating income surged by 200%, and analysts anticipate continued growth in the second quarter with a projected year-over-year expansion of approximately 79%.

During the first quarter, Amazon's advertising business experienced a 24% increase in revenue year over year and is projected to achieve a 22% growth rate in the second quarter.

In July, Loop Capital analysts labeled Amazon's decision to include ads in Prime Video content as a "gangster move" that could help the company establish itself as an "advertising powerhouse."

Amazon's stock has a buy rating from Loop analysts, who predict that the ad business could generate up to $150 billion in sales by the end of the decade, an increase from the $47 billion in annual sales recorded last year.

In the quarter, Amazon became the third rights partner in the NBA's new 11-year TV deal, furthering its push into live sports and expected to increase its advertising business and Prime Video platform, which Amazon utilizes to attract new Prime subscribers and boost sales on its store.

Over the past year, the Nasdaq has experienced a growth of approximately 17%, in comparison to Amazon's impressive rise of 23%.

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