Amazon Shares Pop Following Big Q2 Beat

Amazon easily topped analyst revenue and earnings expectations for the period and guided third quarter revenue above consensus.
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Shares of Amazon  (AMZN) - Get Report jumped after hours Thursday after the e-commerce company reported revenue that easily topped analyst estimates and also beat on earnings.

TheStreet's Eric Jhonsa is live blogging Amazon’s earnings and call with analysts. Please join us!

The company reported second quarter earnings of $10.30 per share on revenue of $88.91 billion, a 40% increase year over year. 

Analysts were expecting the company to report earnings of $1.46 per share on revenue of $81.53 billion. However, Amazon's bottom line varies widely from quarter to quarter and analyst expectations for its profit are sometimes not that applicable.  

“This was another highly unusual quarter, and I couldn’t be more proud of and grateful to our employees around the globe,” said Jeff Bezos, founder and CEO of Amazon, in a statement. 

Amazon shares popped 5.32% to $3,214 after hours as the company continues to grow rapidly. Amazon's operating income for the quarter increased to $5.8 billion this year from $3.1 billion a year ago. 

For the third quarter, the company expects revenue to range between $87 billion and $93 billion. Analysts were expecting revenue of $86.3 billion in the quarter. 

The company's AWS cloud services segment continued to show growth in the quarter, increasing revenue to $10.8 billion from $8.38 billion a year ago.

AWS was profitable, with an operating income of $2.12 billion in the period. 

Bezos was on Captiol Hill Wednesday, testifying before the House Judiciary Committee on antitrust issues. Bezos said that Amazon accounts for less than 1% of the $25 trillion global retail market and less than 4% of the retail market in the U.S., Bezos told lawmakers, arguing that "there's room in retail for many winners."