Amazon CEO Andy Jassy speaks during a keynote address at AWS re:Invent 2024, a conference hosted by Amazon Web Services, at The Venetian Las Vegas on December 3, 2024 in Las Vegas, Nevada.

Noah Berger | Getty Images

Amazon is scheduled to report first-quarter results after the market close on Wednesday.

Here's what Wall Street is expecting, according to estimates compiled by LSEG:

Earnings per share: $1.64

Revenue: $177.3 billion

Wall Street is also looking at other key revenue numbers:

Amazon Web Services: $36.92 billion expected, according to StreetAccount

Advertising: $16.87 billion expected, according to StreetAccount

Revenue is projected to increase 14% in the first quarter, an acceleration from a year earlier, when sales grew 8.6% to $155.7 billion, and roughly in line with last quarter's 13.6% growth.

Investors will be closely watching Amazon's cloud business, where revenue is expected to jump roughly 26% from a year ago.…