Amazon will release its quarterly financial results after the stock market closes on Thursday, Oct. 30, just days after the company announced it’s laying off 14,000 employees as it scales its artificial intelligence efforts.
Reuters initially reported that the number could be as high as 30,000.
The company’s Chief Executive Officer, Andy Jassy, said in June that the company would reduce its labor force as it tries to increase its use of AI to do jobs that a human would normally do. The reductions are impacting the company’s logistics and payments, video games and cloud-computing teams.
It’s the company’s second round of layoffs this year.
Amazon currently employs about 1.55 million people across the globe. The 14,000 estimated reductions account for 4% of the company’s corporate workforce of 350,000 personnel.
In its upcoming earnings call, the company will also need to assuage investor concerns about Amazon Web Services (AWS) following a widespread outage on Oct. 20, which lasted several hours and impacted web services of high-profile clients like Snapchat and Ring.
The company said the outage was caused by an issue with its Northern Virginia data centers.
As earnings approach, here’s how to tune in.
Amazon will report earnings following the stock market close on Thursday, Oct. 30. The company’s third-quarter financial report will be posted on its Investor Relations website. Investors can also access the conference call on the website, which is scheduled to take place at 5 p.m. ET.
More Amazon news: Layoffs target 14,000 corporate jobs. What we know about the cuts.
Wall Street analysts are expecting the company to report earnings per share of $1.58 on revenue of $177.8 billion, according to Yahoo Finance. In last year’s third quarter, the company reported EPS of $1.43 and revenue of $158.9 billion.
AWS is expected to generate $32.4 billion, which would be an 18% increase from the $27.5 billion in revenue reported at the same point last year.
Online sales are expected to hit $67 billion in the third quarter, and advertising is expected to come in at $17.3 billion.
In the second quarter, the company missed Wall Street expectations by reporting weaker-than-expected operating income and slow cloud sales growth.
The company said it expected an operating profit of $15.5 billion to $20.5 billion in the third quarter and sales between $174 billion and $179.5 billion, Bloomberg reported.
Amazon traded up 0.46% on Wednesday, Oct. 29.
