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Amazon’s stock surges as Q2 earnings show profit and sales jump

Amazon, (Qnnflash) – Reported a significant increase in sales during the second quarter, reaching $134.4 billion, which exceeded analyst predictions of $131.4 billion. The company’s stock surged nearly 10% in after-hours trading, contributing to its 52% year-to-date rise and supporting the overall market.

Amazon’s profit also saw a substantial jump compared to the same quarter last year, with net income reaching $6.7 billion, surpassing Refinitiv analyst predictions of $3.592 billion in earnings. Customer spending in both the retail and cloud markets was closely monitored by investors.

On the retail side, CEO Andy Jassy attributed the success to improved delivery efficiency, saving both time and cost. Meanwhile, Amazon Web Services (AWS) continued to be a strong revenue source, with sales rising by 12%. The company emphasized its focus on generative AI releases, positioning itself as a leader in the cloud computing market alongside competitors like Google and Microsoft.

Amazon’s advertising services also experienced continued strong demand, with the ad business growing by 22% to reach $10.7 billion. Looking ahead, the company expects third-quarter sales to grow between 9% and 13% compared to the same quarter of the previous year.

For More Information :

https://edition.cnn.com/2023/08/03/tech/amazon-earnings-second-quarter/index.html

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