Amazon Shares Surge On Earnings Beat

Shares of

jumped over 17 percent in after-hours trading after the company reported upbeat earnings for its second quarter. The Seattle, Washington-based company reported quarterly net income of $92 million, or $0.19 per share, versus a year-ago loss of $126 million, or $0.27 per share. Its sales surged 19.9 percent to $23.19 billion. However, analysts were expecting a loss of $0.14 per share on revenue of $22.39 billion. The average estimate among 148 Estimize users was for a loss of $0.08 per share and revenue of $22.42 billion. Its operating income was $464 million in the quarter, versus an operating loss of $15 million in the year-ago quarter. Sales in North America surged 25.5 percent to $13.8 billion in the quarter. Cloud-computing revenue jumped 81.5 percent to $1.82 billion. For the third quarter, Amazon projects sales of $23.3 billion to $25.5 billion, versus analysts' estimates of $23.9 billion. It expects an operating loss of $480 million to an operating income of $70 million for the quarter. Amazon.com shares jumped 17.69 percent to $567.50 in the after-hours trading session.