With a huge boost from the accelerated introduction of e-commerce in the wake of the Covid-19 pandemic, Amazon.
com released second-quarter financial results that outscored Wall Street estimates and the company’s own guidance.
For the quarter, Amazon (ticker: AMZN) reported sales of $ 88.9 billion, well ahead of its own range of $ 75 billion to $ 81 billion. Earnings were $ 5.2 billion, or $ 10.30 per share, about five times the consensus of Wall Street analysts – $ 2.09 per share. Operating revenue was $ 5.8 billion, well above the company’s quarterly expectations.
Shares of Amazon jumped 4.9% per hour of trading, adding to 65% profit today.
Operating cash flow over the past 12 months was $ 51.2 billion. US, which is 42% more than in the previous period.
Amazon said product sales in the June quarter were $ 50.2 million, up 40.2%. Sales of services amounted to 38.7 billion dollars. USA, which is 38.7%. Sales in North America amounted to 55.4 billion dollars, or 43.4%. International sales amounted to 22.7 billion dollars. USA, which is 38.4% more.
If there was any weakness during the quarter, it came from the cloud. Amazon Web Services had sales of $ 10.8 billion, down 28.9 percent from street estimates and a likely source of discussion about the earnings call and after-earnings analyst notes. The AWS omission follows a similar slight disappointment in Microsoft’s quarterly growth‘s
Azure public cloud.
“It was another extremely unusual quarter, and I can’t be more proud and grateful to our employees around the world,” said Amazon CEO Jeff Bezos. “As expected, we spent over $ 4 billion on additional Covid-19-related costs in the quarter to increase employee demand and deliver products to customers at this time …
“We have created more than 175,000 new jobs since March and are now transferring 125,000 of these employees to regular, full-time positions. And third-party sales have grown faster again than Amazon’s sales.
The company said it spent more than $ 9 billion on capital projects during the quarter, on execution, transportation and AWS.
In the third quarter, Amazon plans sales of $ 87 billion to $ 93 billion, an increase of between 24% and 33%, and operating income of $ 2 billion to $ 5 billion. Wall Street expected $ 86.3 billion in sales.
Write Eric J. Savitz at email@example.com