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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.

Updated 7 mins ago - Sports

Olympics dashboard

Katie Ledecky in Tokyo. Photo: Ding Xu/Xinhua via Getty Images

🛑: Simone Biles won't compete in individual vault or uneven bars

🏊‍♀️: Katie Ledecky wins gold in women's 800m freestyle

🏊: Caeleb Dressel breaks world record in men's 100m butterfly, 3rd gold

🗓: The Olympic events to watch today

🇬🇧: Britain wins gold in first-ever Olympic mixed 4x100m medley relay

🎾: Novak Djokovic defeated in Olympic semi-finals

💻: Japan tests teleporting games and "remote cheering"

Go deeper: Full Axios coverage

Updated 1 hour ago - Sports

Simone Biles won't compete in individual vault or uneven bars Olympic finals

Photo: Loic Venance/AFP via Getty Images

Simone Biles will not compete in the individual vault or uneven bars finals at the Tokyo Olympics, USA Gymnastics announced Friday.

Why it matters: USA Gymnastics said Biles, who previously withdrew from the individual all-around and team finals to prioritize her mental health, will continue to be evaluated to determine if she'll compete in the balance beam or floor exercise events.