The Amazon (AMZN) stock price broke higher after a long-term consolidation, and it currently sits at record highs, two days ahead of the Q2 2021 earnings.

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Amazon (Nasdaq: AMZN) is scheduled to release its Q2 2021 earnings two days from now. The consensus is that the company will deliver EPS of $12.24 on the quarter, and the chances are that it will beat expectations.

Amazon is one of the companies that surged during the pandemic. The tech giant benefited from the lockdowns as it delivered more goods and consumers used more of its online services. As a result, Amazon’s stock price is up 22.96% in one year and 13.60% YTD.

The company operates with a gross profit margin of 40.48%, slightly higher than the 34.73% sector median. Since Amazon is not paying a dividend, investors expect the stock price growth to continue.

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What Are the Estimates for the Quarter?

Amazon has easily beaten the estimates in the last four quarters. For the second quarter, the EPS figure is expected to be higher by 18.82% when compared to the same period last year.

Also, the annual revenue estimate for the end of 2021 is $489.72 billion, and the forecast for the end of 2022 is $576.91 billion. Amazon has delivered a positive earnings surprise in the first quarter, delivering EPS of $15.79, which is $6.15 higher than the market expected.

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Analysts are optimistic. Out of ninety-one analysts that cover the Amazon stock price, all of them issued buy ratings. The highest price target for one share of Amazon is $5,500, and J.P. Morgan maintained its buy rating recently, with a target of $4,600.

This week, Amazon was responsible for a sharp move higher in the cryptocurrency market on suggestions that it is looking to accept Bitcoin payments by the end of the year. But in the end, the company denied crypto acceptance.