Amazon (AMZN) will report its first-quarter earnings on Thursday as investors seek more insights on the impact of tariffs on e-commerce companies in the coming quarters.

Amazon expects earnings per share to be $1.36 and revenue to be $155.1 billion in the quarter, according to Bloomberg consensus estimates. That was the company's earnings per share reported in the first quarter of last year of $0.98 and $143.3 billion in revenue.

Amazon is preparing to include the impact of tariffs on product prices in a dusty news report Tuesday with the Trump White House.

White House Press Secretary Karoline Leavitt called the move "hostile and political act", and CNN White House correspondent Alayna Treene said President Trump personally called on Bezos to complain about the plan.

Since then, Amazon has denied that it will add tariff pricing on its major e-commerce websites.

"The team that operates our ultra-low-cost Amazon runs stores considers the idea of ​​listing import fees on certain products," Amazon spokesman Tim Doyle said in a statement. "This will never be approved and will not happen."

In a briefing Tuesday afternoon, Trump commented on the matter, saying: "Jeff Bezos is very good. Great. He solved the problem quickly. He did the right thing. Good people."

The episode highlights the unstable stance tech companies face as they struggle to drive the reality of Trump’s tariffs and the threat of possible retaliation from the White House.

In other countries where goods imported from China face 145% tariffs and other countries face 10% tariffs, UBS analyst Stephen Ju estimates among investors that about 50% or more of the products sold on Amazon will face some sort of tariff price increase.

"So, consumers may have to make more difficult choices where they allocate dollars," JU wrote.

"As U.S. exporters may face lower incomes, it may be necessary to adjust their business/employee needs, which may affect employment globally and downstream (total commodity value) (international growth in the international market)," added JU.

Amazon must also show in its report that its AI investment is paying off. Like competitors (GOOG, GOOGL) and Microsoft (MSFT), the company is spending billions of dollars to build AI data centers and related infrastructure to power enterprise and consumers’ generative AI initiatives. However, investors are still eagerly awaiting returns for all investments.