Amazon.com Inc. assuaged investors’ fears with strong e-commerce and cloud sales, propelling its shares more than 6% higher in after-hours trading Thursday.
Analysts on average expected Amazon to report earnings of 35 cents a share on revenue of $131.5 billion, according to FactSet. “We continued lowering our cost to serve in our fulfillment network, while also providing Prime customers with the fastest delivery speeds we’ve ever recorded. Our AWS growth stabilized as customers started shifting from cost optimization to new workload deployment,” Amazon Chief Executive Andy Jassy said in a statement announcing the results.
In Thursday’s earnings report, Amazon reported a profit in its domestic e-commerce business of $3.2 billion on sales of $82.55 billion, while analysts on average were expecting operating profit of $1.5 billion on sales of $79.8 billion. Overseas operations suffered an operating loss of $895 million but rang up sales of $29.7 billion, while analysts on average were projecting a loss of $1.2 billion on sales of $29.7 billion.
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