Amazon’s quarterly profit tops $2 billion for first time

Amazon just posted an insane earnings-per-share beat

Amazon posts record $2.5bn profit fueled by ad and cloud businesses

Amazon (AMZN) reported better-than-expected earnings on Thursday afternoon, a day after Facebook's (FB) lackluster second-quarter earnings report led to a historic sell-off.

After Inc. released its financial results Thursday, its shares rose more than 3 percent to $1,870.23 in after-hours trading. With a market value of $916.97 billion, Amazon is racing with Apple Inc and Alphabet Inc to be the world's first trillion-dollar public company.

The online retailing giant's Amazon Web Services (AWS) cloud business is the key profit maker, up almost 48.9 percent to 6.11 billion dollars in sales. The company's stock is up 57 percent so far this year.

As an e-commerce behemoth whose online sales account for nearly half of the total in the United States, Amazon expects its revenue to grow to between 54 billion to 57.5 billion dollars in the third quarter, with a projected operating income of 1.4 billion dollars to 2.4 billion dollars.

Amazon also announced last month that it is buying the online pharmacy PillPack, pushing it deeper into the health care industry.

CFO Olsavsky noted that third-party sales were changing the profit equation for Amazon, too.

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One of the most popular features for using Alexa-powered devices is the ability to listen to music, he said.

Operating income for Amazon Web Services (AWS) the company's fast-growing cloud services business, rose 80% to $1.64bn, powering profits for the entire company. The company said the category, including some other items, grew 132 per cent to $2.2 billion.

Amazon has become a formidable e-commerce search engine, competing with Google to be the first place where shoppers start when they want to buy products online.

Amazon Fashion launched Prime Wardrobe in the US earlier this year, allowing Prime members to try clothing, shoes, and accessories before they buy.

Amazon reached a record profit as itsnet income grew 12-fold from a year ago, signaling that the e-Commerce giant has a firm grasp on its high-margin businesses.

Brian Olsavsky, Amazon's chief financial officer, expanded on the company's advertising fortunes during a conference call with analysts.

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"We've seen a greater-than-expected efficiency in a lot of our spend in things like warehouses, data centers, marketing", Reuters quoted him as saying.

While this was slightly below analyst expectations of just over 53 billion dollars, the company's profits were much higher than anticipated, at 2.5 billion dollars (£1.9bn), up from 197 million (£150m) this time previous year.

Additionally, Prime members shopped Prime Day deals at Whole Foods Market for the first time.

Hiking the annual USA price of Prime 20 percent during the second quarter showed few signs of discouraging sign-ups.

Despite the phenomenal numbers for AWS, CEO Jeff Bezos chose to use the quarterly report to talk up another Amazon product: the Alexa virtual assistant and its ongoing efforts to expand both its range of devices and its geographic availability. Click to get this free report Ryanair Holdings PLC (RYAAY): Free Stock Analysis Report International Business Machines Corporation (IBM): Free Stock Analysis Report, Inc.

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