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Photo illustration: Omar Marques/SOPA Images/LightRocket via Getty Images

Amazon smashed top- and bottom-line analyst expectations in the second quarter, sending shares climbing in after-hours trading Thursday.

The big picture: The earnings report suggests Amazon's growth and dominance are only expanding, just as calls to rein in the company rise from Washington.

Context: Already an e-commerce juggernaut, the company has become a lifeline for millions of people stuck at home as coronavirus continues to rack the world and the U.S. in particular.

  • That much was written in the earnings numbers, which come from the first full quarter of life under the pandemic.

By the numbers (analyst estimates courtesy of The Street):

  • Earnings per share (EPS): $10.30 vs. $1.46 expected per FactSet consensus
  • Revenue: $88.9 billion vs. $81.2 billion expected per FactSet consensus
  • Amazon Web Services (AWS) revenue: $10.8 billion 

Be smart: Amazon posted a killer quarter even as it sunk some $4 billion into coronavirus-related costs and the broader U.S. economy tanked.

  • Amazon investors will obviously see that as a win, but Amazon critics may see it as a sign of profiting off a crisis and of further entrenching the company's grip on its corner of the retail market and on the marketplace it runs for third-party sellers.

Yes, but: Amazon's share of U.S. e-commerce has contracted this year, , according to a new report from Rakuten Intelligence (via the Washington Post), as the pandemic has sent people looking for a wider range of goods online — including when an item is out of stock or delayed on Amazon.

Go deeper

Uber CEO talks exporting Prop 22 after mixed earnings report

Illustration: Aïda Amer/Axios

Uber is looking to export to other states California's newly voter-approved policy that will let the company continue to treat its drivers as contractors and not employees, CEO Dara Khosrowshahi said on an analyst call after the company posted mixed third-quarter results Thursday.

The big picture: Uber and Lyft helped lead a $200 million campaign to convince Californians to vote for Proposition 22, which they did overwhelmingly Tuesday. Uber now wants to "have dialog with governments and other states" on enacting similar arrangements, Khosrowshahi said.

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.