Why Amazon Stock Jumped Today
Shares of Amazon.com (NASDAQ: AMZN) rose 3.7% on Friday, following the online retail titan's blockbuster second-quarter results.
Amazon's sales surged a staggering 40% to $88.9 billion. That was well above analysts' estimates of $81.6 billion. The online retail giant has served as a lifeline for millions of people during the COVID-19 crisis, at a time when many physical retail stores have been forced to close.
Amazon's cloud computing division, Amazon Web Services (AWS), is also experiencing higher demand as more companies turn to cloud-based services to enable their employees to work from home. AWS revenue climbed 29% to $10.8 billion.
Source Fool.com
