Amazon shares rose in extended trading after the company beat Wall Street estimates for Q2 revenue in earnings released on July 30th.
The e-commerce giant saw revenue rise to $88.91 billion USD from $63.4 billion in the second quarter, which ended June 20th. That beat estimates of $81.56 billion in sales (roughly $119.5 billion, $85.2 billion and $109.6 billion CAD, respectively).
The dramatic spike in sales came on the back of the COVID-19 pandemic, which saw increased online shopping as restrictions closed brick-and-mortar stores.
Amazon Web Services (AWS), the company’s cloud services division, also saw strong demand. Much of it was driven by businesses moving online, either for remote work or online retail. AWS revenue surged 29 percent to $10.81 billion USD (about $14.53 billion CAD).
Amazon shares surged 65 percent this year and were up another four percent after the earnings news.
The company forecast revenue of $87 to $93 billion for Q3 2020. Analysts expect $86.34 billion.
Source: Globe and Mail