Amazon reports stronger-than-expected second-quarter revenue and cloud growth
Amazon earnings top estimates as AWS and ad revenue surge See why shares jumped after-hours and what drove the cloud rebound
Amazon reported secondquarter revenue and cloud results that came in ahead of analyst expectations, according to its latest earnings release. The company’s shares rose sharply in afterhours trading following the report.
The company posted earnings per share of $5.75 and revenue of $200.61 billion, compared with analyst estimates of $1.82 per share and $196.47 billion in revenue, based on LSEG data. Amazon Web Services brought in $42.2 billion, above StreetAccount’s estimate of $40.54 billion, while advertising revenue reached $19.81 billion versus expectations of $19.43 billion.
Amazon said cloud revenue increased 37% from a year earlier, marking the segment’s fastest pace of growth in 18 quarters. CEO Andy Jassy said AWS was growing quickly and highlighted the company’s artificial intelligence products and inhouse chips business as expanding parts of the broader cloud and technology strategy.