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Amazon's stock surges as Q2 earnings show profit and sales jump | CNN Business

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Amazon’s sales boomed on strong demand in the second quarter for its wide range of products, from fast delivery for Prime deals to ads, fueling a massive jump in profit from a year ago

Amazon\n \n ’s sales boomed on strong demand in the second quarter for its wide range of products, from fast delivery for Prime deals to ads, fueling a massive jump in profit from a year ago. Sales grew 11% to $134.4 billion. That’s an increase from $121.2 billion in the second quarter of 2022. The number exceeded analyst predictions of $131.4 billion revenue. The stock surged nearly 10% in after-hours trading.

Last quarter, that segment’s sales rose 16% after a period of slowed growth as cloud users worried about the economy’s health. This quarter’s AWS sales increased 12%, a small slowdown. In the statement, Jassy said “a slew of generative AI releases” has allowed its cloud business to remain a leader, competing with the likes of Google\n \n and Microsoft\n \n . Jassy also added that AWS growth has “stabilized.

 

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