Amazon is above expectations to avoid slumping technology revenue

E-commerce giants on Thursday had net sales of $ 121.2 billion in the quarter ending June 30, up 7% from the same quarter last year, up from analysts’ estimates of $ 119 billion, surveyed by Refinitiv. It exceeds.

Amazon (((AMZN). As a result, overtime trading caused stock prices to skyrocket by more than 11%, shrugging the company’s $ 2 billion loss, partly due to its investment in electric truck maker Rivian.Amazon posted Large loss in the previous quarter Similarly due to Rivian’s investment.

Amazon CEO Andy Jassy said in a statement, “Despite continued inflationary pressures on fuel, energy and transportation costs, we are making progress at more controllable costs as we saw last quarter, especially. The productivity of the fulfillment network is improving. ”

Amazon’s performance was supported by Amazon Web Services, a cloud business. Amazon Web Services generated $ 5.7 billion in revenue with nearly $ 20 billion in revenue. This is a 33% increase from the same period last year.

The company’s off-hours share price surge may also have been the result of optimistic guidance released this quarter.

Amazon expects third-quarter net sales to be between $ 125 billion and $ 130 billion, with potential growth of 17% from last year.

Source: www.cnn.com

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