Amazon reported better-than-expected second-quarter revenue and raised Wall Street hopes with an optimistic outlook.
The company reported a loss of $2bn, or $0.20 per share, for the quarter ended 30 June, compared with net income of $7.8bn, or $0.76 per diluted share, in the year-ago period. The net loss includes a pre-tax valuation loss of $3.9bn included in non-operating expenses from its common stock investment in Rivian Automotive.
Net revenue increased seven per cent to $121.2bn, compared with $113.1bn in the second quarter of 2021. Analysts had expected revenue of $119.09bn.
Amazon’s lucrative cloud service, AWS, maintained its momentum in the quarter, generating operating income of $5.72bn on revenue of $19.74bn, up from operating profit of $4.19bn on revenue of $14.81bn a year ago, for a revenue growth rate of 33.3 per cent. Amazon’s advertising revenue posted $8.76bn in revenue, up from $7.45bn a year ago.
Amazon said it expects to post third-quarter revenue of $125bn to $130bn. Analysts were expecting sales of $126.4bn.
