Investors are digesting Amazon's first-quarter report, which came out after Thursday's closing bell. Hot topics will be the impact of tariffs and growth in the cloud.

Amazon reported better-than-expected earnings. Its shares were still falling in after-hours trading. For the March quarter, the company reported earnings per share of $1.59, compared to Wall Street’s consensus estimate of $1.

Amazon is expected to deliver $1.36 in earnings per share (EPS) on revenue of $155.12 billion. President Donald Trump's tariffs largely accelerated after the end of the quarter, so the market expects little effect there. But management's outlook on the tariffs in Q2 is what analysts will seek to understand.