• Amazon is set to report its earnings for the fourth quarter after the closing bell on Thursday.

• The growth of Amazon's cloud unit, AWS, will be in focus, along with its retail business.

• Here's what Wall Street expects to hear from Amazon on Thursday.

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Amazon is set to report its fourth-quarter earnings after the market close on Thursday, and investors will be looking for solid results to help justify its 33% rally since the end of October.

Growth in Amazon's AWS cloud unit, profitability levels in its retail division, and progress in growing its advertising and artificial intelligence business will be top of mind for Wall Street analysts.

Here are the quarterly figures Wall Street expects, according to data from Bloomberg:

• Revenue: $166.2 billion

• Adjusted earnings per share: $1.03

• GAAP earnings per share: $0.81

• Gross margin: 44.93%

The fourth quarter is historically Amazon's strongest, as it encapsulates holiday spending from the consumer, as well as a Prime Day shopping event. Investors will be looking for any read throughs into the health of the consumer based on Amazon's e-commerce results.

Here's what Wall Street analysts are saying about Amazon's upcoming earnings report.

Goldman Sachs: 'AWS revenue growth will remain a key area of debate'

Goldman Sachs said in a note earlier this month that Amazon is well positioned to scale its profit margins in retail and grow even more efficient from a cost perspective. That should ultimately help the company beat analyst estimates when it reports its fourth-quarter results.

"We think that the company is not only well positioned to navigate the current volatile consumer environment but that Amazon's eCommerce margins are on a trajectory of scaling in the years ahead as supply chains normalize and wage inflation subsides and as the company continues to reap the benefits of prior logistics investments," Goldman Sachs said.

The bank expects Amazon to report revenue slightly ahead of estimates at $166.5 billion, and AWS revenue growth of 14%, which would represent an acceleration of growth from its reported 12% jump in the third-quarter.

"We view Amazon as well positioned as a leader in all aspects of secular growth within our Internet coverage and reiterate our Buy rating into 2024 with a PT of $200 (from $190)," Goldman said.

JPMorgan: 'The stock can continue to climb higher'

Despite Amazon's solid rally over the past three months, JPMorgan thinks there is still upside left in the stock.

"Amazon is most liked and most owned across our group, but that does not deter our view that the stock can continue to climb higher," JPMorgan said in a note on Monday.