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The retail giant Amazon will announce their second quarter earnings report today after the closing bell as one of the anticipated company;   Amazon is expected to report upbeat results and continue its strong momentum. Also, Amazon is up 40% year-to-date to $1,049.88 and could possibly go higher after it releases its earnings report.

The firm is set to report earnings of $1.42 per share on a revenue of $37.2 billion, which is up from $30.4 billion in the year ago period. During its last earning’s call, Amazon expected its revenue to come in between $35.25 billion and $37.75 billion for the second quarter.

There has been a flurry of Amazon news, from the introduction of its shopping social network Spark to Amazon Prime Day results, the acquisition of Whole Foods Market bid and the tech-selloff in June that caused the stock to drop.

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Amazon News Overview

Recently, Amazon launched their own social network called Spark, an Instagram-style shoppable feed that appears inside the Amazon app that allows members to showcase and purchase products on its platforms, marking the retail giant's first clear move into the world of social media. The new feature publicly launched on July 18 for use on mobile devices that use Apple's iOS operating system.

Spark encourages users to share stories, ideas, photos and videos of products they love, which others can react to with comments and “smiles”- Amazon’s own version of Loke or Favorite button, just like popular social media platforms Instagram and Pinterest.

Meanwhile, on June 16, Amazon announced its acquisition of Whole Foods Market in a deal valued at $13.7 billion, that would pay $42 a share for Texas-based grocery store chain in an all-cash deal that includes the group’s debt.

Whole Foods CEO John Mackey will stay as the CEO of the grocery store chain after the deal closes, and the store, the organic grocer that was founded in 1978, will keep operating under the Whole Foods brand as the deal is expected to be done in the second half year.

After six months of talks between the two companies, the $13.7 billion deal that took place was a "historical moment," Whole Foods CEO John Mackey said during a town hall meeting. "Together, these two companies are going to do tremendous dreams together," Mackey said. "We're going to make a big difference in the food industry."

However, Amazon, along with its FANG stock members, including Facebook, Netflix and Alphabet’s Google, was hit by heavy losses, coming on top of sharp sell-off last June 12 that took a hit on the stock price of the e-commerce giant, sinking 2-3 percent twice.

Considering all the information given above, the electronic commerce giant is expected to deliver a solid Q2 earnings results later this day as it has seen its strong momentum across its segments, including its third-party seller services, Prime subscriptions, and Amazon Web Services, that indicate that the firm has got strong growth potential down the road.

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