Why Amazon.com Stock Soared Today
Shares of Amazon.com (NASDAQ: AMZN) were up 11.2% as of 11:02 a.m. ET Friday, according to data provided by S&P Global Market Intelligence, after the e-commerce and cloud computing giant announced better-than-expected second-quarter 2023 results.
Amazon's quarterly net sales climbed 11% year over year to $134.4 billion, well above both Amazon's guidance (which called for a range of $127 billion to $133 billion) and analysts' consensus estimates calling for $131.6 billion. Operating income also more than doubled from last year's second quarter, to $7.7 billion. On the bottom line, that translated to net income of $6.7 billion, or $0.65 per share, well above estimates for $0.35 per share and swinging from a loss of $0.20 per share in the same year-ago period.
Amazon's growth was broad-based, with North America segment sales up 11% to $82.5 billion, International sales up 10% to $29.7 billion, and sales from its Amazon Web Services (AWS) business up 12% to $22.1 billion.
Source Fool.com
