From Investors Business Daily:
Amazon reported second-quarter results late Thursday that blew past Wall Street estimates as the pandemic continues to present the company both challenges as well as opportunities. Amazon stock climbed.
The company reported adjusted earnings of $10.30 per share on revenue of $88.9 billion. Wall Street expected earnings of $1.48 on revenue of $81.4 billion,
Amazon stock jumped 5%, near 3,205.50, during after-hours action on the stock market today.
Revenue climbed 40% from the year-ago period, its strongest growth in nine quarters. Earnings powered above estimates even though it spent $4 billion during the quarter on coronavirus-related costs as previously announced. In addition, the company plowed more than $9 billion in capital projects, including fulfillment, transportation and Amazon Web Services.
Operating income increased to $5.8 billion in the second quarter, compared with $3.1 billion a year ago.
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Over the past several months, the pandemic has led to an elevated usage of e-commerce platforms due to convenience and a large number of retail store closures and bankruptcies. Amazon has been hiring furiously to keep up with demand.
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Amazon said it increased grocery delivery capacity by more than 160% and tripled grocery pickup locations. Online grocery sales tripled in the second quarter when compared with the same period last year.
Link to the rest at Investors Business Daily