Amazon (AMZN) experienced robust sales growth in the second quarter, driven by strong demand across its diverse product range, including fast Prime delivery and advertising. As a result, the company’s profit saw a significant surge compared to the same period last year, with net income reaching $6.7 billion, a substantial increase from the $2 billion net loss in Q2 2022. The impressive performance led to a nearly 10% surge in the stock’s after-hours trading, contributing to a 52% year-to-date rise in Amazon’s stock, which has been among the tech stocks driving market growth this year.
Investors closely monitored customer spending in both the cloud and retail markets. On the retail front, CEO Andy Jassy highlighted the company’s efficiency in delivery, saving time and cost. Amazon Web Services (AWS) remained a key revenue driver, with a 12% increase in sales this quarter, even though it experienced a slight slowdown from the previous period’s 16% growth. AWS’s success was attributed to various generative AI releases, allowing the cloud business to compete with tech giants like Google and Microsoft.
Despite AI’s significant role in enhancing Amazon’s services, the company remains optimistic about its future and continues experimenting with AI to improve the e-commerce shopping experience. Additionally, Amazon’s advertising services saw continued strong demand, with the ad business experiencing a 22% increase, amounting to $10.7 billion in sales.
Looking ahead, Amazon expects its third-quarter sales to grow between 9% and 13% compared to the same period in the previous year.
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