Amazon Tops Wall Street Forecasts, Delivers Q3 Sales Guidance

Shares of Amazon are higher Thursday evening after the company reported second quarter results that handily beat Wall Street forecasts.
By Ruben Ramirez ,

Shares of Amazon (AMZN) - Get Report are higher after the company reported second quarter results that handily beat Wall Street forecasts. Amazon posted profits of $1.78 a share, that was $0.67 ahead of forecasts. On the top line, sales came in at $30.4 billion, that was nearly $900 million dollars better than estimates and a 31 percent increase from the same period last year. Amazon said the second annual prime day was the biggest day ever for sales and a record day for Amazon devices globally. Amazon Studios received 16 Emmy nominations for their original content. And, Amazon launched Prime in India. Amazon CEO Jeff Bezos says, 'It's been a busy few months for Amazon around the world, and particularly in India -- where we launched a new AWS Region, introduced Prime with unlimited free shipping, and announced that Prime Video is coming soon, offering Prime members in India exclusive access to Amazon Original Series and Movies -- including original content featuring top Indian creators and talent.' For the current quarter, Amazon says it expects sales to be between $31 billion and $33.5 billion dollars, that would be at minimum a 22 percent growth rate from last year's third quarter. TheStreet's Ruben Ramirez has details from Wall Street.

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