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Amazon beats expectations to avoid tech earnings slump

The e-commerce large on Thursday reported internet gross sales of $121.2 billion for the quarter ended June 30, a 7% enhance from the identical quarter final yr and better than the $119 billion forecast by analysts surveyed by Refinitiv.

Amazon (AMZN) inventory surged greater than 11% in after-hours buying and selling following the outcomes, shrugging off the corporate’s $2 billion loss that it attributed partly to its funding in electrical truck producer Rivian. Amazon posted a bigger loss last quarter that it equally attributed to the Rivian funding.

“Regardless of continued inflationary pressures in gasoline, vitality, and transportation prices, we’re making progress on the extra controllable prices we referenced final quarter, notably enhancing the productiveness of our success community,” Amazon CEO Andy Jassy mentioned in an announcement.

Amazon’s efficiency was buoyed by its cloud enterprise, Amazon Net Companies, which posted a revenue of $5.7 billion on revenues of practically $20 billion — a 33% enhance from the identical interval final yr.

The corporate’s after-hours inventory soar was seemingly additionally a results of the optimistic steering it launched for the present quarter.

Amazon mentioned it expects internet gross sales between $125 billion and $130 billion for the third quarter, a possible progress of as a lot as 17% from final yr.

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