Amazon ( AMZN ) reported second-quarter results late Thursday that beat revenue estimates but missed earnings. Amazon shares jumped on the news.
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The e-commerce giant reported an adjusted loss of 20 cents a share on revenue of $121.2 billion. Analysts had expected Amazon to report earnings of 12 cents per share on revenue of $119 billion. Revenues were up 7% over last year’s period.
Amazon Web Services revenue reached $19.7 billion, up 33% from the year-ago quarter and beating estimates of $19.56 billion.
Amazon shares rose 12% to 136.20 in after-hours trading on the stock market today, as the company expects sales ahead of views.
Amazon Stock: Sales Gain Seen
For its third quarter, Amazon expects net sales of $125 billion to $130 billion, with a midpoint of $127.5 billion. The Wall Street estimate calls for $126.5 billion.
“Despite continued inflationary pressures on fuel, energy and transport costs, we are making progress on the more controllable costs we referenced last quarter, notably by improving the productivity of our fulfillment network,” said chief executive Andy Jassy in written statements with Amazon. release of earnings.
“We’re also seeing revenue accelerate as we continue to make Prime even better for members, both by investing in faster shipping speeds and adding unique benefits,” he added.
It’s been a rollercoaster ride for Amazon since the pandemic broke out in 2020. The company was a big beneficiary as consumers got comfortable and relied heavily on home delivery.
Since then, Amazon’s stock has faced a lot of pain to recover. The negative consequences of Covid-19 severely disrupted the company’s operations. This included supply chain and worker disruptions, wage increases and higher fuel costs. In addition, the war in Ukraine took its toll, as did inflation.
Editor’s note: An earlier version of this story incorrectly reported that Amazon posted a profit of 20 cents per share for the quarter instead of a loss of 20 cents per share.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more tech stocks, analysis and financial markets.
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