Amazon's stock sank on Thursday afternoon, weighed down by mixed guidance and AI competition, though the company beat Q2 earnings expectations.

Amazon stock fell after the tech giant posted second-quarter earnings above expectations, but offered a mixed outlook.

Google parent Alphabet offered up its own strong results, noting cloud revenue climbed 32% and backlog, or purchase commitments from customers not yet realized, rose 38%. Search also performed better than expected during the quarter, with sales increasing 12% year over year.