Amazon announces surprise second quarter profit

Amazon has reported a US$92m (A$126m) profit and US$23.19bn (A$31.89bn) revenue in its second quarter ending on 30 June, surprising Wall Street analysts who were predicting revenue would be lower at US$22.4bn (A$30.8bn), reports the Guardian. CEO Jeff Bezos said the company had been ‘working hard for customers’, citing the unveiling of Amazon Business and its Prime Day sales event. The company’s cloud computing division Amazon Web Services grew significantly in the second quarter, with revenue up 81% from the previous year to US$1.82bn (A$2.5bn). Shares soared following the results announcement, surpassing those of Walmart to make Amazon the highest-valued retail company in the world.

Category: International news