Amazon Earnings Preview: All Eyes on Cloud Growth as Consumer Resilience Buoys Outlook

Amazon's stock price has closely tracked the performance of its cloud computing business, Amazon Web Services (AWS).
AWS growth and margins will be in focus when Amazon reports Q3 earnings, after mixed results from Microsoft and Alphabet.
Amazon relies more heavily on AWS than rivals - it accounted for 17% of sales and nearly 75% of operating profit last quarter.
Analysts are optimistic about Amazon's consumer business, citing resilient consumer spending and a strong Prime Day performance.
Despite recent stock weakness, analysts see Amazon's risk/reward as attractive heading into earnings given low expectations.