Earnings Watch: Amazon earnings: Top-line growth is in focus for the second half of the year

Fresh off of Prime Day, Amazon.com Inc. is scheduled to report second-quarter earnings after the closing bell on Thursday and JPMorgan analysts think it’s time to shift focus to revenue after a string of quarters with blockbuster profit.

“We believe the key driver of Amazon’s share price over the past ~12-to-18 months has been its significant profit outperformance (+300 basis points operating income margin expansion in 2018 with ~$1 billion-plus profit beats in four of the last five quarters), which has outweighed revenue deceleration concerns and ongoing regulatory and antitrust scrutiny,” wrote JPMorgan in a July note.

Amazon’s AMZN, -0.68% first-quarter earnings marked the fourth consecutive quarter that the e-commerce giant reported record profits.

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