What You Need to Know Ahead of Amazon Earnings Thursday [Video]

Amazon (AMZN) reports earnings after the bell Thursday, with investors watching the results after a tech-industry selloff dragged heavyweights like the Magnificent Seven lower this week after earnings from Google parent Alphabet (GOOGL) and Tesla (TSLA) disappointed.

Analysts expect total revenue for the tech and online retail giant to rise about 11% from the second quarter last year to $148.68 billion from $134.38 billion last year. Net income is projected to jump 65% year-over-year to $11.13 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.

In Amazon’s 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) boosted Amazon’s earnings.

Bank of America analysts wrote Friday that they believe growth in AWS demand could power …