NEW YORK (TheStreet) -- Amazon.com (AMZN) - Get Report said it plans to double its video content spending in the second half of 2016.

The announcement was slipped into the e-commerce giant's strong 2016 second quarter results yesterday, CNBC.com reports.

On the company's second quarter earnings call, CFO Brian Olsavsky said Amazon.com is "very happy" with free trial conversions and renewal rates for Amazon Video, the company's streaming offering, according to CNBC.

"We know the customers love it," he added.

Although Amazon.com did not give a hard figure for its video content spending, it said it will add to the $1.3 billion the company spent on video in 2014.

Analysts at Canaccord Genuity project that 20% to 25% of that number was dedicated to original content, CNBC added.

In the latest quarter, Amazon.com upped its streaming offerings after it earned an exclusive deal for PBS children's shows for an undisclosed sum.

After Thursday's closing bell, the Seattle-based company reported adjusted earnings of $1.78 per share, soaring past analysts' estimates of $1.11 per share. Revenue jumped 31% year-over-year to $30.4 billion and beat expectations of $29.55 billion.

Shares of Amazon.com closed up 0.82% to $758.81 on heavy trading volume Friday.

About 6.75 million of the company's shares were traded today vs. its average volume of 3.5 million shares per day.

(Amazon.com is held in the Growth Seeker portfolio. See all of the holdings with a free trial).

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "buy" with a ratings score of B-.

The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, expanding profit margins and good cash flow from operations. Although the company may harbor some minor weaknesses, TheStreet Ratings feels they are unlikely to have a significant impact on results.

You can view the full analysis from the report here: AMZN

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