The e-retailer can deliver almost anything you can imagine — except, usually, a profit. No wonder Amazon shares rocketed more than 18% in post market trading after it said that it ended Q2 in the black, and well ahead of analyst expectations. If the pricing holds tomorrow, the share price will cross $570, exceeding the all time high of $493.20.
The company had a $92 million net profit, up from a $126 million loss in the period a year ago, on revenues of $23.19 billion, up 19.9%. The top line beat analysts’ consensus forecast for $22.39 billion. And earnings at 19 cents a share trounced expectations for a 14 cent loss.
Net sales in North America increased 25.5% t0 $13.8 billion with operating income more than doubling to $703 million.
Although Amazon’s streaming video operation is a small part of the financial picture, CEO Jeff Bezos used the occasion to crow about Amazon Prime’s 11 Emmy nominations for Transparent, and the debut of six new kids pilots. “The teams at Amazon have been working hard for customers,” he says.
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.