Friday, 27 July 2018

Amazon's stock popped 3% after it blew Wall Street away by reporting a record $2.5 billion profit.

Jeff Bezos, the CEO of Amazon, which reported
much-better-than-expected earnings Thursday.

Wall Street expected big things from Amazon in the second quarter. And the e-commerce giant delivered in a huge way — at least, on the bottom line.

The Seattle company posted a $2.5 billion profit in the period. That wasn't just a quarterly record for Amazon, but it was nearly 13 times bigger than the profit the company recorded in the second quarter last year. On a per-share basis, Amazon's earned $5.07, which was more than twice what analysts had projected.

The company's sales grew an impressive 39% to $52.9 billion, but they fell shy of Wall Street's expectations.
"It was a strong quarter," Brian Olsavsky, Amazon's chief financial officer, said on a conference call with analysts.

By Troy Wolverton.
Full story at Business Insider.

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