On average, analysts are expecting $29.56 billion of revenue and $1.11 of earnings per share. Amazon posted $23.18 billion in sales and 19 cents of EPS during the corresponding period a year ago.
"We believe Street estimates for the quarter are reasonable," wrote RBC Capital Markets analyst Mark Mahaney in a recent note.
Margins will be a critical factor for the second quarter, he noted, while acknowledging that investments in international markets, Amazon Web Services (AWS) and Pillar Projects will weigh on the Seattle-based company's profitability.
Retail revenue growth in North America and overseas will also be an important data point for Amazon, Mahaney added.
Should retail and AWS hold up, Amazon will likely post another solid quarter, said Maxim Group analyst Tom Forte in an interview.
"I'd be careful and sell some of the other retailers that have moved up here ahead of Amazon," said founder of TheStreet Jim Cramer.
"That may be a more important story/ Amazon may be taking an increasing part of the pie."
Amazon has been on a solid run this year, with stock up about 9.1% year to date. Shares closed up about 1.1% to $736.67 per share on Wednesday and traded up $10.78, or 1.5%, Thursday to $747.82 per share.
AWS, which competes with Microsoft's (MSFT) - Get Report Azure and Alphabet's (GOOGL) - Get Report Google Cloud Platform, has emerged as Amazon's engine of growth thanks to the tech market's ongoing shift to cloud from hardware. Last year, Amazon saw its cloud revenue grow by an impressive 70% to $8 billion.
As Amazon disrupts the retail and cloud computing sectors at a rapid rate, it has simultaneously invested in other related segments such as apparel, groceries and logistics.
Earlier this year, Amazon began selling perishable private-label items as part of its long-term goal to become a one-stop shop for consumers.
In particular, Jeff Bezos' e-commerce empire has been boosting its offerings surrounding Prime Membership. Just last week, for instance, it announced a partnership with Wells Fargo (WFC) - Get Report that would offer a loan discount to Amazon Prime Student customers who apply for Wells Fargo's private student loan products.
The third-party marketplace has also been an area of profitability for Amazon and will likely report growth, Forte said. "Given the significance of Prime Day even though it happened after the quarter, I anticipate a lot of questions around Prime Day," he said.
Earlier this month, Amazon held its second-ever Prime Day which it touted as a huge success. In particular, the e-commerce company boasted about the sales of its own devices including Fire TV Stick and Echo.
Still, there are questions about how much of an impact Amazon will face from Britain's vote to leave the European Union given that Britain is among the company's largest international markets along with Germany and Japan.
Elsewhere in the sector, eBay (EBAY) - Get Report surprised investors with a stellar second quarter. The e-commerce company beat expectations on top and bottom lines thanks to improving market trends. The company also revealed progress it's made in its structured data initiatives and increased stock buyback by $2.5 billion.
EDITORS NOTE: A version of this story was originally at 12:25 p.m. ET. The story has been updated to reflect closing prices.