# Amazon Earnings Watch: 1 Number to Track

> Amazon's stock drops 11% ahead of earnings. One number could decide its next move.
- Title: Amazon Earnings Watch: 1 Number to Track · The Motley Fool
- Summary: Amazon's stock drops 11% ahead of earnings. One number could decide its next move. Amazon's stock is 11% below its high as it prepares for earnings on Oct…
- Keywords: amazon, aws, earnings, stock, amzn, revenue, cloud, capital expenditure, quarterly earnings, finance, money, Watch
- Source: The Motley Fool — https://fool.com/investing/2026/10/16/amazon-is-12-below-its-high-heading-into-earnings
- Author: Leo Sun
- Published: 2026-10-16T17:10:00+00:00
- Read time: 1 min
- Topics: amazon, aws, earnings, stock, amzn, revenue, ai, cloud, capital expenditure, quarterly earnings, finance, money
## Amazon stock at $254.60
Amazon's stock closed at its all-time high of $284.02 on Aug 3, 2026, but trades at $254.60 today.
## AWS drives Amazon's growth
Amazon Web Services generates most of its operating profits and hosts tens of millions of websites and apps.
## AWS revenue growth
AWS revenue grew 36.7% year-over-year in Q2 2026, accelerating from 24% in Q1 2026.
## AI expansion drives AWS growth
The AI market's explosive expansion drove AWS' growth, with analysts expecting 30%-35% year-over-year revenue growth in Q3.
## What happens next?
If AWS growth exceeds 30%-35% in Q3, Amazon's stock could rise; if not, it could fall.
## Key takeaway

Amazon's stock is 11% below its high as it prepares for earnings on Oct 29, with AWS growth rates being the critical factor.