Amazon beat Wall Road expectations for its second quarter 2022 earnings Thursday, reporting revenues of $121.2 billion, up 7 % from a yr earlier and properly above the $119 billion consensus. Nonetheless, the corporate as soon as once more reported a loss, this time for $2 billion within the quarter.
The corporate’s share value rose by as a lot as 10 % in after-hours buying and selling with the corporate projecting web gross sales of between $125 billion and $130 billion, up double digits from the identical quarter a yr in the past.
The corporate has been grappling with inflationary pressures and logistics points associated to the pandemic, however CEO Andy Jassy stated in a press release that the corporate is “making progress on the extra
Notably, Jassy additionally known as out Amazon’s leisure efforts, calling out each the upcoming Lord of the Rings collection and NFL Thursday Night time Soccer as drivers of Amazon Prime. Earlier this month, for Prime Day, Amazon leveraged both properties as a part of a Prime day promotional push.
Prime Day 2022 was held earlier this month, after Q2, so its impact gained’t be felt till the Q3 report. Nonetheless, the corporate disclosed that it bought greater than 300 million gadgets, promoting Amazon-branded units than every other Prime Day occasion earlier than.