Amazon reports Q2 2025 earnings Thursday, with investors watching for signs of AI-driven growth, AWS momentum, and how economic trends are affecting e-commerce.

Amazon.com shares dropped nearly 8% before the bell on Friday, after growth in its cloud computing unit failed to impress investors, in contrast to the robust gains reported by AI-focused rivals Alphabet and Microsoft .

Amazon.com Inc. dropped in premarket trading after projecting weaker-than-expected operating income and trailing the sales growth of its cloud rivals, leaving investors searching for signs that the company’s huge investments in artificial intelligence are paying off.