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.
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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.