The Everything Store blew past Wall Street’s earnings expectations for its second quarter, reporting a twelve-fold increase in profits from a year earlier.
Amazon reported per-share earnings of $5.07 compared with analysts’ estimates of $2.50 per share, according to Thomson Reuters. The retailer’s net income of $2.5 billion marked the third consecutive quarter in which its profits exceeded $1 billion.
Revenue fell short of Wall Street’s projections. The company reported sales of $52.9 billion, versus expectations of $53.4 billion.
Amazon highlighted its Alexa intelligent assistant in its quarterly earnings report, touting its expanded calendar features and new information about current events like the Royal Wedding, the 2018 FIFA World Cup matches and the NBA Playoffs.
The hospitality industry has begun developing voice-controlled products for hotel guests, so they can play music in their rooms or request room service. The company has introduced new machine learning tools for developers, and invested in new companies through the Alexa Fund.
“There are now tens of thousands of developers across more than 150 countries building new devices using the Alexa Voice service, and the number of Alexa-enabled devices has tripled in the past year,” CEO Jeff Bezos said in a statement.
During the call with analysts, Amazon executives noted that smart-speakers powered by Alexa are actually spurring the growth of Amazon’s music service. Listening to music, not surprisingly, is one of the most popular features.