Shares in Amazon surged by 7% during after-hours trading on Thursday night after the eCommerce and cloud computing giant outperformed analysts’ expectations in its second-quarter financial results.
Net sales for the three months ending June was $134.38 billion, exceeding analysts’ expectations of $131.63 billion with a guidance of $127 billion to $133 billion. The Amazon Web Services cloud unit generated $22.14 billion compared to an estimate of $21.71 billion.
Amazon’s diluted earnings per share for the quarter were $0.65, far exceeding Wall Street’s forecast of $0.35 per share. The company’s operating margin was 5.7%, compared to an estimated 3.46%.
Following the company’s strong Q2 results, Amazon decided to raise its third-quarter revenue outlook to a range of $138 billion and $143 billion, beating the expected $183.3 billion.