LIVE: Amazon earnings

Amazon is just about to report first quarter earnings, and the company is doing something it's never done before: Breaking out finances for Amazon Web Services, its cloud computing service that companies use to host applications so they don't need their own data centers full of hardware.

Here's what Wall Street is expecting:

• $22.39 billion in revenue, which would be 13.4% up from last year
• A $0.13 loss per share (EPS of -0.13), versus positive $0.23 last year.
• Analysts are generally expecting AWS revenue to land between $6 and $7 billion with low or negative margins.

In some sense, no matter what AWS looks like, it'll be a win for Amazon. If it turns out to be a surprisingly profitable business, that's good news. If it's surprisingly costly, that means that Amazon's retail business is better than analysts were modeling.

Analysts will also be watching the company's Q2 forecast closely.

We'll be updating this post as the numbers cross, so refresh your browser or click here for the latest.

Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.