Amazon's quarterly profits soar past $2bn for first time
The company's CFO attributed 'efficiencies' in warehouses and an increase in online shopping
Your support helps us to tell the story
This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.
The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.
Help us keep bring these critical stories to light. Your support makes all the difference.
Amazon has released its latest quarterly earnings, proving once against the world's largest online retailer is still one of the most tremendous juggernauts in digital earnings.
The company's quarterly profit soared past $2bn for the first time, as revenue from online shopping and its cloud computing business grew.
These were a "big contributor" to the climbing profit margins, Amazon CFO Brian Olsavsky said in a conference call, adding that improved "efficiencies" in warehouses and data centres also led to a boost in revenue.
The Seattle-based company reported net income of $2.53bn, or $5.07 per share, for the three months ending June 30. That blew past the $2.48 per share Wall Street analysts expected, according to FactSet.
The company’s revenue also includes that of Whole Foods, the grocery chain its acquired last year. The acquisition helped Amazon's revenue soar year-to-year by nearly 39 percent, climbing over $32bn in North America and more than $14bn internationally.
Revenue soared 39 percent to $52.89bn in the second quarter, but was below the $53.37bn analysts expected.
Shares of Amazon.com Inc. rose more than 2 percent to $1,851.50 in after-hours trading Thursday.
The quarterly report arrives as Facebook announces one of the most dramatic declines in US stock market history, as the social platform’s price fell by 18 per cent on Wednesday.
Click here for Amazon discount codes
Additional reporting from the Associated Press.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments