Amazon’s (AMZN) cloud and online retail services to push results sky-high, while Spotify (SPOT) wanes on revenue | City A.M.

After showcasing impressive sales and subscription numbers on Prime Day and briefly breaking $900bn (£691bn) in market value last week, Amazon has investors convinced of a strong second quarter ahead of its results on Thursday 26 July.

Consumer estimates collated by S&P Global Market Intelligence put the company’s revenue at $53.4bn for the quarter, at an increase of about 40 per cent year-on-year.

Read more: Amazon reaches $900bn market cap milestone in a trillion-dollar race

Earnings per share are forecast at $2.54, which would be an increase of more than 500 per cent thanks to some strategic investments in new industries like healthcare and an expansion of its fulfilment and logistics capabilities.

While its globally market-dominant cloud service AWS largely bears responsibility for its meteoric growth, analysts suggest Amazon’s e-commerce offering and own-brand tech products are likely to be the fundamental contributors to its financial success in 2018.

Read more: Sky’s the limit: Alibaba Cloud in talks to take on Amazon through BT deal

Roger Barr, co-founder of digital agency Mediablaze, said: “Amazon’s core e-commerce offering is likely to be the fundamental contributor to financial success.

“However, it’s continued investment into other revenue streams such as content on Prime Video are likely to have an impact on long term growth and profitability.”

Amazon’s key competitor to its music-streaming service, Spotify, is also set to report its second quarter results on Thursday.

Analysts at Barclays predicted a 24.8 per cent revenue growth for the quarter in a note last Friday, with no profitability in sight for the young company.