Amazon’s stock surged nearly 10% in after-hours trading on Thursday after the company reported strong earnings for the second quarter.
Credit:-Google
The online retailer’s net income was $6.7 billion in the quarter, compared to a net loss of $2 billion in the same quarter last year. Revenue rose 11% to $134.4 billion.
The results exceeded analyst expectations, and investors were encouraged by the company’s strong performance in both its retail and cloud businesses.
In the retail segment, Amazon’s sales grew 10% to $112.7 billion. The company said that strong demand for its Prime membership program and its fast delivery service helped to drive sales growth.
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In the cloud business, Amazon Web Services (AWS) sales rose 16% to $52.8 billion. AWS is the world’s leading cloud computing platform, and it continues to grow at a rapid pace.
The strong earnings report sent Amazon’s stock price soaring in after-hours trading. The stock closed at $115.50 on Thursday, but it rose to $126.30 in after-hours trading.
The news of Amazon’s strong earnings is a positive sign for the broader tech industry. It suggests that consumer spending remains strong, even as the economy faces headwinds.
