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."