Analysts expect Amazon's revenue to grow 22% to $20.84 billion, while earnings are expected to plummet to a loss of 74 cents per share, compared to a 9 cent per share loss in the year-ago quarter.
Wedbush analyst Michael Pachter wants to see how the company's various investments in enhancing its customer experience will impact profits. One example is Prime Music, the ad-free on-demand streaming music service that debuted in the second quarter. Pachter expects spending on Prime Music to grow to $500 million a year. Total spending on content is expected to reach $2.5 billion in 2015, up from $2 billion in 2014, says Pachter.
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How will all those investments pay off? Pachter has a neutral rating on the stock for now.
"While recent announcements have given us increased visibility into Amazon's revenue growth...We are not convinced that the company will share sufficient details about future spending to allow us to accurately model profit growth, and it may take time before EPS grows sufficiently to justify its share price," he said.
Pachter predicts Amazon's $970 million acquisition of Twitch Interactive will have a "minuscule impact on Amazon's revenue growth or profitability in the near term."