Amazon.com stock is trending lower. What’s pulling AMZN shares down?

Earnings Preview & HistoryAmazon is scheduled to report second-quarter earnings on July 30. Analysts estimate EPS of $1.82 along with revenue of $196.02 billion. For the prior quarter, Amazon reported EPS of $2.78, beating the consensus estimate of $1.64. The company also posted revenue of $181.52 billion, exceeding the consensus estimate of $177.29 billion.Over the last four quarters, Amazon has averaged an EPS surprise of 0.30% and a revenue surprise of 0.02%.What To WatchInvestors will be watching AWS revenue growth and operating margin closely, since that’s the clearest signal of whether enterprise AI demand is actually boosting cloud profitability rather than just driving up capex and depreciation. Advertising revenue growth is another key figure to track, as it can help offset retail margin pressure and keep overall operating income moving in the right direction. In North America and International retail, the focus shifts to operating income and fulfillment cost trends — if shipping and logistics costs start climbing again, they could quickly eat into any gains from stronger sales.Analyst Consensus & Recent Actions The stock carries a Buy rating with an average price forecast of $320.10. Recent analyst moves include: